The UK housing market divided sharply last month with London the only region where surveyors reported falling prices.
As a fall in the number of houses coming on to the market pushed prices up across the rest of the country, the capital experienced declines for the sixth month in a row, according to the Royal Institution of Chartered Surveyors (RICS).
However, RICS suggested the falls would be temporary with surveyors expecting London prices to increase by 30% in the next five years.
The RICS monthly snapshot showed 8% more surveyors reported declines in new supply than had seen rises in February. New instructions have now fallen in six out of the last seven months.
While Northern Ireland and Scotland continue to outperform the rest of the UK, price growth picked up across the south west and the south-east.
Nationwide, price expectations for the next three months increased from a net balance of 3% to 10% expecting rises.
Despite some evidence suggesting that political uncertainty surrounding the May election could be holding back potential sellers, surveyors are now predicting nationwide house price growth of 2.4% over the next 12 months, up from 1.8% in January.
Notable exceptions to this trend are London, the north of England and the east Midlands, suggesting that political uncertainty may be weighing more heavily on certain areas.
via The Guardian
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.