Figures show drop in housing market

Simon Rubinsohn, RICS chief economist.
Simon Rubinsohn, RICS chief economist.

The North East’s housing market is continuing to show a decline, latest figures have revealed.

The start of 2018 has followed a similar fashion to the end of 2017, according to the UK Residential Market Survey by the Royal Institution of Chartered Surveyors (RICS).

In January, demand, instructions and sales all dropped, while it was the fifth consecutive month for a decline in new buyer enquiries.

The survey also revealed no sign of an upturn in properties coming to the market.

Simon Rubinsohn, RICS Chief Economist, said: “The latest RICS results point to housing transactions remaining pretty subdued over the coming months.

“Lack of inventory on agents’ books continues to provide a major challenge, with the number of valuations being undertaken not suggestive of a pick-up in new supply anytime soon.”