Downward trend in UK house prices gained traction towards end of 2022

(Alliance News). Towards the end of 2022, a downward trend in UK house price gained momentum according to surveyors. According to the December 2022 survey by the Royal Institution of Chartered Surveyors, 42% of UK professionals reported a decrease in house prices and not an increase. According to the findings, prices are falling in all regions of England. However, the strongest declines were seen in East Anglia and South East. RICS reported that although the UK's negative figure is still significant, house prices across Scotland and Northern Ireland remain in positive territory. This is a notable turnaround from the strong growth six months ago. There was also a decline in the number of property listings that were added to the sales market. The downward trend in sales was evident across the UK, with respondents in the North West of England and Scotland, Wales, London all citing a quiet month in the latest RICS results. RICS reported that around 40% of respondents answered yes. However, this was outweighed in 60% who didn't see this trend. 61% of survey respondents said that high-energy efficient homes held their value. This was however the lowest reading since February 2021 and indicates that demand growth is slowing in the rental market. The supply side is still in a downward trend with new landlord requests continuing to decline. A net balance of 24% professionals saw a decrease in December. "However, the feedback from the lettings market once more demonstrates the need to have concerted thought about how to create an enviable sector that serves both the private and the 'affordable renter. Mairead Carroll, RICS senior specialist in land and property standards said that it will be interesting to see what energy efficiency means to buyers over the next twelve months. RICS' monthly sentiment survey on the UK's residential lettings and sales markets is called the residential market survey. It is conducted by chartered surveyors from RICS. Vicky Shaw, PA Personal Finance Correspondent source : PA Copyright 2023 Alliance News Ltd. All Rights Reserved.