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Confidence Returns to Residential Market

LONDON-Fears earlier this year of a significant fall in house prices are receding as confidence in the market strengthens, according to the latest housing market survey from the RICS.

By Graham Parker | Updated on June 17, 2003

LONDON-The residential market looks to have avoided a major downturn, with confidence improving again. Nationwide, for the three months to May 2003, 25% more surveyors reported a fall in prices than reported a rise, a slight improvement on the previous survey’s figure. House prices are still declining in the south of England, though this is being partly offset by price rises in the north.

However, there are distinct signs that consumer confidence is improving again in the south: New buyer enquiries and surveyor confidence are both generally stronger, continuing the improvement seen in London for April. Confidence levels are at their highest level for six months, with 13% more RICS members saying they expect to be handling more sales over the next three months.

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