Gloomy prospects for housing market in Wales

BREXIT uncertainty is being felt in the housing market in Wales, with prices now flat and surveyors expecting prices and sales to edge lower in the three months ahead, according to the latest research from the (Royal Institution of Chartered Surveyors (RICS).

Its latest residential market survey is the first in 15 months in which house prices in Wales haven’t been reported to have risen.

It is also the fourth survey in a row that Welsh surveyors have pointed to a fall in new buyer inquiries. In addition, newly agreed sales were reported to have been lower than the previous month.

RICS residential spokesperson for Wales Tony Filice FRICS, who is also drector of Kelvin Francis, Cardiff, said: “We have seen a reduced number of valuations, listings and viewings as the economic climate has brought nervousness, including amongst potential vendors, holding back sales.

“However, those who are viewing are still intent on buying.”

The headline price balance for Wales was 0% in the latest survey, pointing to house prices being flat.

And the price expectations balance of minus 25%, suggests that prices will fall in the three months ahead.

The sales expectations balance was at minus 15%, again suggesting that sales activity will decline.