Continuing economic uncertainty and a lack of first-time buyers are suppressing the housing market’s progress.
This is according to a new report from the Royal Institution of Chartered Surveyors (Rics), which also suggests that more surveyors saw price falls during November than saw rises.
Transaction levels also remained suppressed. Falls were noted across the country, in contrast with previous surveys, many of which show localised buoyancy.
Demand amongst first-time buyers was found to be particularly weak. Across the board, levels of enquiries from new buyers have now fallen for six consecutive months.
According to Rics, a combination of economic forecasts and low mortgage availability are responsible for the figures.
Spokesman Ian Perry said: “Despite some better economic data, fears over how future spending cuts will impact on the jobs market are clearly still weighing heavily on potential purchasers’ minds, with many deciding to wait and see until the new year.
“Meanwhile, the lack of mortgage finance continues to deter first time buyers.”
