RICS Residential Market Survey March 2023-When disaggregated, the downturn in buyer demand remains widespread across the UK
.Metrics on buyer enquiries, agreed sales and new instructions all remain negative
• House prices still falling at the national level
• Twelve-month sales expectations point to a more stable trend emerging further out
Looking at new buyer enquiries, a headline net balance of -29% of contributors reported a fall in demand during March (more or less unchanged from a reading of -30% last month). When disaggregated, the downturn in buyer demand remains widespread across the UK, with virtually all regions/countries posting a negative reading in the latest returns.
December 2022 UK Residential Market Survey (PDF 0.80MB)
Alongside this, the supply backdrop remains tight, with the volume of fresh listings coming onto the market falling slightly during March according to respondents (net balance -6% vs -4% previously). Likewise, the number of appraisals undertaken over the month
continues to run below the level seen during the same period last year, with the net balance for this series sitting at -20% (albeit this is the least depressed reading since August 2022). Meanwhile, the inventory on agents books was little changed over the month.
As we noted Last Month a year is a long time in Bubble Land.
Baileys Bust, No Quarter Given, On the 1/4 Point Hike March 23rd 2023.
UK Resi Market Survey #RICS
Writing a full blog and why the Rate rises by the Fed on Wednesday and the Bank of England yesterday will not assist New aspiring homeowners both first time buyers and families wishing to Buy or rent secure homes.
Where did all that wealth come from?
And what should we do about it?
DECEMBER 26, 2022
JANUARY 2, 2023
From Homes for Heroes to Exponential Zeroes. Neglected actors in the “Housing Crisis” Narrative#AbsorptionRate, #LastTimeBuyers,#Cash Buyers, #FiscalPolicy ( #MIRAS and #StampDuty ) and #MortgageLending by the #BankingSector. #Demography of #Immigration and#Ageing.
MARCH 3, 2023
The Everything Bubble and the Everything Bust. Prospects for UK Housing and UK Housing Markets.
MARCH 6, 2023
Tuesday 28th February Rog and Ranjan discuss #GFC2 #WatchingTheWheelsComeOff #WhoStoleTheSizzlefromMySausage
MARCH 17, 2023
UK Housing Debt. Market Update q4 2022. “higher-for-longer = Housing Weak.” All eyes on Thursday March 23 2023. Over the Brink to Baileys Bust!
MARCH 22, 2023
#GoingDirect to GFC Mk2 Reservations per outlet, Sales Incentives , Mortgage Commitments. Mexican Standoff between Sellers and Buyers ( Sticky Prices on the way down.)
JUNE 5, 2022
Problems with the Money System & the Y2K bug that pulled up the Property Ladder. #QED
MARCH 23, 2023 BLAIR FIX
Inflation! The Battle Between Creditors and Workers