Property Supply Increases and Demand Falls in June

RICS reported decrease of home buyer enquiries.

RICS reported decrease of home buyer enquiries.

The Royal Institute of Chartered Surveyors (RICS) reported that the number of properties going up for sale in June was the fastest rate since May 2007.

While the number of properties on the market increased in June, the number of new buyer enquiries fell for the 2nd time since the end of 2008.

Robin Thomas of Devon-based Strutt and Parker said: “Uncertainty over the new government, budget and public pay cuts have all impacted on reduced viewings and activity.  Complete with fine weather, the ending of Wimbledon and the World Cup – I expect a busier July.”

RICS spokesman Jeremy Leaf said: “With supply of property now beginning to outstrip demand there is a risk of some modest slippage in prices during the second half of the year.”

The RICS survey is the longest running monthly survey of house prices in the UK.

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