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Commercial Property News
Residential property supply outstripping demand
Supply of residential property outstripped demand for the second consecutive month during February.
This is according to the latest UK Housing Market survey from the Royal Institution of Chartered Surveyors (Rics) which showed that the number of people instructing estate agents to carry out a residential sale was higher than buyer interest over the four-week period.
The research showed 7% more chartered surveyors saw a rise than a fall in new buyer enquiries when compared to the previous month - up from -20% in January - while a net 15% observed a rise new instructions.
Rics spokesman Jeremy Leaf noted that gains in the residential property market are "likely to continue to ease" over the coming months.
This is a reflection of the fact that "new supply coming onto the market is starting to outstrip fresh demand", he remarked.
The body, which was formed in London in 1868, aims to provide "impartial, authoritative advice" relating to land, property and construction.
This is according to the latest UK Housing Market survey from the Royal Institution of Chartered Surveyors (Rics) which showed that the number of people instructing estate agents to carry out a residential sale was higher than buyer interest over the four-week period.
The research showed 7% more chartered surveyors saw a rise than a fall in new buyer enquiries when compared to the previous month - up from -20% in January - while a net 15% observed a rise new instructions.
Rics spokesman Jeremy Leaf noted that gains in the residential property market are "likely to continue to ease" over the coming months.
This is a reflection of the fact that "new supply coming onto the market is starting to outstrip fresh demand", he remarked.
The body, which was formed in London in 1868, aims to provide "impartial, authoritative advice" relating to land, property and construction.
Wed, 10th Mar 2010