The Royal Institute of Chartered Surveyors (Rics) have revealed that they see no signs of the UK property market recovering and pulling out of the last few years of negative and limited growth.
The institute carries out a survey of members on a monthly basis and found that interest from potential buyers was starting to evaporate as sales and house prices stayed relatively flat.
The survey, which gives a similar message to other surveys released around the same time, shows huge regional variances, with London experiencing a vastly different market to the rest of the country.
Housing spokesperson from the Institute, Ian Perry revealed, “The rather negative outlook for property prices across the UK seems to better reflect the general economy than the micro climate of London.”
“The low level of buyer interest in many parts of the UK continues to impact on the market, resulting in some downward pressure on prices.
“With the prospect of forthcoming interest rate rises and continued shortage of mortgage funding, it seems that overall recovery for the national housing market is still some way off,”
The survey is based on the answers of over 250 surveyors who work for estate agents around the country and is known to be extremely accurate.
“Within England and Wales, a clear North South divide is emerging, with London being the only region recording rising prices, demonstrating that the capital is still operating under different market conditions to the rest of the country,” the Institute added.