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Rics say property surveyors “gloomy” over housing market

Surveyors are “gloomy” as property market stagnates, according to Royal Institute of Chartered Surveyors.

The Royal Institute of Chartered Surveyors (Rics) have said that housing surveyors are feeling less positive about the state of the housing martker, with its latest monthly survey showing that stock levels are at a record new low.

The number of people interested in buying a property – and the number of sales – were also “stagnant” in March, it said.

Due to the shortage of housing, house prices in many parts of the UK are continuing to rise.

In central London, prices are falling but house price rises in the North West are described by Rics as “particularly strong”.

Most surveys still predict that house prices will rise over the next 12 months, but not as many as in February.

Since the mothodology began, each estate agent on average has 43 properties for sale on its books, the lowest number recorded.

Simon Rubinsohn, Rics Chief Economist, said: “High-end sale properties in central London remain under pressure, while the wider residential market continues to be underpinned by a lack of stock.”

“For the time being, it is hard to see any major impetus for change in the market, something also being reflected in the flat trend in transaction levels.”

The Office for National Statistics said that there was a 5.8% growth in house prices in the year to February, which was a small rise on the previous month,

Nationwide and the Halifax have said that house price inflation is moderating.

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