RICS: 21% of property professionals saw decline in prices in April

Ryan Fowler

May 14, 2020

home sales

Some 21% of property professionals reported a decline in house prices during April, according to the latest figures from the Royal Institution of Chartered Surveyors (RICS).

The figures come as little surprise with the UK housing market effectively frozen during the period that the RICS residential survey covers.

RICS also found that eight out of 10 estate agents surveyed had seen buyers pull out of house purchase deals during the month, with 92% seeing sales dropping and 96% reporting a fall in new instructions.

Both these figures are the worst recorded by RICS. However with the market now re-opened Jeremy Leaf, north London estate agent and a former RICS residential chairman, said the data was now somewhat moot.

He said: ’”This data, though interesting, has largely been overshadowed by the re-opening of the property market yesterday so the next survey is likely to be quite different, bearing in mind the spike in enquiries which followed the announcement.

“Nevertheless, near-term expectations show that we shouldn’t get carried away by this sudden release of pent-up demand.

“Many bigger hurdles remain for homebuyers and sellers, not least in arranging visits safely and securely, as well as ensuring that previous as well as new lending arrangements are in place on the same or similar terms.”

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