According to the Royal Institution of Chartered Surveyors' housing market survey housing conditions continue to deteriorate. But there are regional differences, prices are falling the highest in Yorkshire and in the East Midlands and lowest in London and Scotland. New buyer inquiries are reported to be weakest in the North and Wales.
The Chesterton poll, compiled by the Centre for Economic and Business Research from the Halifax, Nationwide and Land Registry indices, shows how price falls of 15.9 per cent over a year in Northern Ireland, down 5.5 per cent in the West Midlands, but have fallen only 1.4 per cent in the North East. The poll also shows how house prices are below the new stamp duty threshold of £175,000 in all regions except London, the South East, South West and East.
Reports from estate agents on the high street
Stuart Allan of Broadley & Coulson in Durham says that increasing numbers of houses are being taken in part exchange by major builders so that they can complete on their housing estates.
Edward Waterson of Carter Jones in York said the second week of August proved the busiest of the year in terms of agreed sales. This is the result of realistic pricing.
Ken Bird of Renton & Parr in West Yorkshire has seen a slight upturn in activity, although offers are coming in 10 per cent to 15 per cent under asking prices.
John Halman of Gascoigne Halman in Cheshire says the rental market is feverishly active. When the market improves, most of these tenants will be looking to buy with the consequential increase this will cause in demand.
John frost of the Frost Partnership in Berkshire said buyers seemingly choose to ignore asking prices adjusted for market conditions and expect further reductions.
Jeremy Leaf of Jeremy Leaf & Co in Finchley said First-time buyers and investors, providing of course they can obtain mortgage finance, are returning cautiously, encouraged by more realistic selling prices and rising rents.
Aberdeen and its suburbs are still doing well owing to the strength of the local economy. Well-priced houses are selling, but flats and smaller properties for first-time buyers are difficult to shift. Gordon Macdonald, Allied Surveyors, Aberdeen
