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Region’s housing market remains flat in January amid small drop in prices

The East of England's housing market was broadly flat in January, according to RICS. 
Picture: ANTONY KELLY

The East of England's housing market was broadly flat in January, according to RICS. Picture: ANTONY KELLY

Archant Norfolk 2018

The East of England’s housing market is taking a hit from the slowdown in London and the South East, according to new figures.

Research by the Royal Institution of Chartered Surveyors (RICS) shows more agents in the region have seen house prices fall than rise in the past three months.

In January new buyer enquiries were broadly flat with 3% more respondents reporting a fall rather than rise in demand, while newly agreed sales followed a similar pattern with 1% more people seeing a fall rather than a rise. Going forward, many expect sales over the near term to stay flat.

During the month respondents in the region continued to see a pick-up in the flow of new properties coming to the market, but nationally the pipeline for instructions going forward does not appear to be improving, RICS said, with 10% more respondents saying the number of valuations undertaken in January was down year-on-year.

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