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- Lowest UK annual house prices since August 2013
Lowest UK annual house prices since August 2013
UK house prices rose by 3.0% in the year to May 2018, down from 3.5% in the year to April 2018. This is the lowest UK annual rate since August 2013 when it was also 3.0%
Looking at the demand for housing, the Royal Institution of Chartered Surveyors' (RICS) UK Residential Market Survey for May 2018 revealed their new buyer enquiries series continued its downward trend.
On the supply side, RICS reported their new instructions series showed a positive balance for the first time in 27 months. Average stock levels for estate agents remain near a record low. Sales expectations are flat in the short term but slightly more optimistic in the long term. Price expectations point to a marginal decline in the near term, though this is mainly driven by a negative outlook in the south of England. The longer-term outlook for prices is positive.
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