Snow slows housing market

Snow caused housing problems

Snow caused housing problems

The recent cold weather has reportedly had an effect on the housing market, as new buyer enquiries fell during the month and new instructions from sellers were at their lowest level for 18 months.

The problem has been made worse by the lack of mortgage availability and unease over the economy. However surveyors are expecting the market to pick up again in the spring.

“Although bad weather hit the housing market during December sales levels have remained stable,” said Jeremy Leaf, spokesman for the Royal Institution of Chartered Surveyors (Rics)

He also added “While lack of supply, and more importantly demand continues to impact heavily, surveyor sentiment does appear more positive for the coming months.

During December some 39% of surveyors reported that prices fell rather than rose, however this is lower than November when 44% of prices fell

272 UK estate agents, who are all members of Rics, were polled in the survey which is designed to reflect confidence in the property market rather than actual fluctuations in housing prices.

Another poll by the National Association of Estate agents suggested that its members had seen a “jump start” in the amount of interest shown by buyers and sellers during the first few weeks of 2011.

However, the UK’s second largest house builder, Taylor Wimpey is expecting the property market to be held back in 2011 by constrained mortgage lending.

Have you or anyone you know had your house plans affected by the weather? let us know below

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