UK housing market still falling, but glimmer of optimism appears - RICS

Britain’s housing market is still falling but there are indications that pessimism is easing, according to a closely-watched surveyors survey.

The Royal Institution of Chartered Surveyors (RICS) said a return of optimism, and lower than expected interest rates, had boosted short-term hopes after a weak start to 2023.

Its monthly survey showed a net balance of -29% last month – up from -45% in January, the smallest decline since July although still the 10th consecutive negative reading.

The reading measures the proportion of surveyors who reported a rise in new buyer inquiries from those saying they fell.

New sales readings also improved in February, to -26% from a net balance of -36%. However, the average time taken to complete a transaction continues to rise and is now approaching 19 weeks.

Reporting by Frank Prenesti for Sharecast.com