Economic news

London housing market subsides, the rest of UK follows

Downward trend in London’s housing market is radiating to the South-East of Britain, as surveys show. The area is holding back overall activity and prices in the country, while prices go up elsewhere in the UK.

Some regions of the United Kingdom, including N. Ireland and W. Midlands, demonstrated upping in July as the Royal Institution of Chartered Surveyors (RICS) said.

In total, 1% more surveyors said that housing prices are growing, not falling. Prices stay solidly on the rise in certain areas, according to (RICS).

Although the number of surveyors saying the prices were going up last month decreased from 7% in June, to a certain extent due to South East surveyors reporting more of price slides, something that is hailed by lots of people struggling to purchase housing in the region.

The selling price much more likely to have been lowered in cases of costly houses. As last month’s survey revealed, during two preceding months the offer price and the final selling price for housing had been largely apart.

RICS’ chief economist S. Rubinsohn stated that activity in the market has been waning lately and the thing that brings up most concern is that the survey implies that trend could hold for some period of time.



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