Other measures of Britain's housing market have shown a mixed picture. The Bank of England raised interest rates by a quarter point to 4.25% last month in an effort to bring back double-digit inflation to its 2% target, but has hinted it is nearing the end of its run of rate hikes which began in December 2021. "There is also a sense that the medium-term outlook is looking a little more settled, helped by the perception that the interest rate cycle may be near the peak." is still one of caution towards the sales market, which is reflected in both the headline price and activity indicators," Simon Rubinsohn, RICS's chief economist, said. "The overall tone of the feedback received from respondents. The sales expectations balance for 12 months' time rose to +1, its highest since March 2022. However, its indicators looking ahead pointed to hints of stability in Britain's housing market in the coming 12 months. The net balance of agreed sales across Britain slipped to -31 in March from -25 for February, but still above the -43 low in October 2022 when financial market turmoil after former prime minister Liz Truss's mini-budget temporarily halted new mortgage lending. RICS's gauges of buyer demand, sales, new listings and house prices were all in negative territory last month. The Royal Institution of Chartered Surveyors (RICS) said its house price net balance - which measures the difference between the percentage of surveyors seeing rises and falls in house prices - fell to -43 last month, up from -47 in February, and slightly above the -48 forecast in a Reuters poll of economists.
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