East of England's housing market still slowing down, RICS finds
PUBLISHED: 05:30 13 September 2018 | UPDATED: 07:16 13 September 2018
Growth in the East of England housing market eased over the summer amid an increasingly diverse regional picture across the UK, a new study shows.
The RICS Residential Market survey for August found the region was following in the footsteps of London and the South East with a slowdown in price rises, which helped drag on the national average.
Among survey respondents in the East, 20% more recorded a fall in newly agreed sales in August rather than a rise – the most negative reading in a year.
The survey also found lack of supply is continuing to weigh on the East of England market, with the average inventory of unsold stock on estate agents’ books close to historic lows, RICS said.
Simon Rubinsohn, RICS chief economist, said: “While a combination of a lack of stock and some level of uncertainty, both relating to the interest rate outlook and Brexit, has had an impact on activity, the overall picture in these areas is still encouraging.”