Housing Market Update

March 2018

The headline series points to a moderation in national house price inflation

The London price balance points to a further decline in Central London prices

While the South East series suggests this pattern is spreading across the capital and beyond

The East Anglia price balance has also slipped into negative territory

But prices are still rising in other regions such as in the East Midlands

In Yorkshire and Humberside

And also the North West

Contributors note falling demand but a faster drop in new instructions

Which has pushed inventory on agents books to a new low

Shortages of existing stock appear to be driving demand for new builds

New buyer enquiries data point to a softer trend in mortgage approvals despite the January bounce

Significantly it is now taking longer to complete a sale

Transactions levels are set to dip given the trend in newly agreed sales

The sales picture appears particularly negative in the capital

Activity is also softening across the wider South East

Although the sales trend appear to stabilising in East Anglia

Contributors are still expecting positive house price growth over the medium term

The majority of respondents in the South East believe the market is expensive whilst nationally almost 70% say prices are either at or below fair value