L&G’s Stephen Smith labels RICS ‘pessimistic’

Ryan Bembridge

July 14, 2016

stephen smith

Legal & General Housing Partnerships director Stephen Smith (pictured) has branded RICS “pessimistic” for its outlook on the housing market.

This morning chartered surveyors in the RICS UK Residential Market Survey reported activity and new buyer enquiries falling in June, while RICS expected this dip in activity to persist over the coming months.

But Smith said:  “The sentiment index released by RICS today discussing the outlook for the housing market post a vote for Brexit feels a somewhat pessimistic viewpoint.

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“Since the referendum the market has not experienced issues that would normally indicate a downturn; crucially we are not seeing an upturn in forced sales.

“The main circumstances that determine house prices; insufficient supply and a continued demand for home ownership have not changed since the vote to leave.

“In order to maintain a stable market we must see a continued availability of good value mortgage products, on the current terms for loan-to-value and credit scores.

“Referendum or no referendum, markets are subject to change and as such, there has never been a better time to ensure that customers seek professional advice so that they understand the options available to them and their personal circumstances.”