British House Prices Fall to 10-Year Low in May: RICS

House prices across Britain fell to the lowest level in 10 years during May with the demand for housing affected by the coronavirus pandemic

British House Prices Fall to 10-Year Low in May: RICS

House prices across Britain fell to the lowest level in 10 years during May with the demand for housing affected by the coronavirus pandemic and the ensuing lockdown. According to RICS, the headline house price balance registered a sharp fall by 32% in the month of May after declining by 22% in the previous month.

On a positive note, however, the outlook for the housing market conditions appears to have improved sightly since April, although it still remains in the negative territory. New buyer enquiries have soared from -94% in April to -5% in May while near-term sales outlook remained neutral and the outlook for the next year rose.

RICS Chief Economist Simon Rubinsohn observes that sales that were pending during the lockdown have started getting processed, adding, “But it remains to be seen how sustained this improvement will prove. For the time being respondents to the survey see the trend in transactions being broadly flat.”

After the pandemic struck, RICS has also noted an increased demand among buyers for properties that include gardens and balconies and are closer to green spaces.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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