U.K. Housing Weakens Further as Market Emits `Ominous’ Signals

  • Many first-time buyers still can’t afford homes, RICS says
  • National price index drops to lowest level since August

Britain’s housing market weakened in May and a shortage of properties means it’s showing increasing signs of dysfunction, according to a report from the Royal Institution of Chartered Surveyors.

While the general election probably played a part in damping buyer demand and new sellers coming to the market last month, RICS highlighted longer-term risks. That includes a shortage of homes for sale, which has pushed up values in recent years, cutting off many potential first-time buyers.

RICS Chief Economist Simon Rubinsohn said the latest report shows the issue of affordability may even worsen further…

U.K. Housing Weakens Further as Market Emits `Ominous’ Signals

Categories : Real Estate

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