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| 'Pent-up' housing market demand dying down, RICS says | 'Pent-up' housing market demand dying down, RICS says |
| (about 2 hours later) | |
| The "furore" in the UK housing market is dying down because a recent surge in demand is "gradually exhausting itself", according to surveyors. | The "furore" in the UK housing market is dying down because a recent surge in demand is "gradually exhausting itself", according to surveyors. |
| The increase in would-be buyers was at its lowest point in almost a year during February, the Royal Institution of Chartered Surveyors (RICS) said. | The increase in would-be buyers was at its lowest point in almost a year during February, the Royal Institution of Chartered Surveyors (RICS) said. |
| Better mortgage deals have helped absorb some of the "pent-up demand", the trade body added. | Better mortgage deals have helped absorb some of the "pent-up demand", the trade body added. |
| But prices are still likely to continue rising, according to RICS. | But prices are still likely to continue rising, according to RICS. |
| Demand 'exhausting' | Demand 'exhausting' |
| "The growth in buyer numbers that we've seen for some months started to slow down in February, as the surge in interest sparked towards the end of last summer began to level off," said Simon Rubinsohn, RICS chief economist. | "The growth in buyer numbers that we've seen for some months started to slow down in February, as the surge in interest sparked towards the end of last summer began to level off," said Simon Rubinsohn, RICS chief economist. |
| "While this certainly doesn't mean an end to the increasing activity we've been seeing recently, it does suggest that the pent up demand generated throughout the downturn is gradually exhausting itself." | "While this certainly doesn't mean an end to the increasing activity we've been seeing recently, it does suggest that the pent up demand generated throughout the downturn is gradually exhausting itself." |
| One other reason for the slowdown could have been last month's bad weather, especially the floods, making people less likely to view properties, Mr Rubinsohn added. | One other reason for the slowdown could have been last month's bad weather, especially the floods, making people less likely to view properties, Mr Rubinsohn added. |
| But there are still too few properties coming on to the market, RICS said, which means prices are likely to keep going up. | But there are still too few properties coming on to the market, RICS said, which means prices are likely to keep going up. |
| The cost of a home in the UK continued to rise during February, albeit at a slightly slower pace than in previous month, the organisation said. | The cost of a home in the UK continued to rise during February, albeit at a slightly slower pace than in previous month, the organisation said. |
| Prices rising | Prices rising |
| It said 45% more chartered surveyors saw prices rise rather than fall in February. | It said 45% more chartered surveyors saw prices rise rather than fall in February. |
| According to its surveys, the cost of a home has now risen across the country for 11 consecutive months. | According to its surveys, the cost of a home has now risen across the country for 11 consecutive months. |
| According to the latest figures from the Office for National Statistics (ONS), released in February, the average price of a UK has now hit £250,000 for the first time. | According to the latest figures from the Office for National Statistics (ONS), released in February, the average price of a UK has now hit £250,000 for the first time. |
| The ONS said house prices rose by 5.5% last year. | The ONS said house prices rose by 5.5% last year. |
| However, other reports carry much lower estimates. One of the UK's biggest mortgage lenders, the Nationwide Building Society, says the average UK home is now worth £177,846 with annual prices rising more than 9%. | However, other reports carry much lower estimates. One of the UK's biggest mortgage lenders, the Nationwide Building Society, says the average UK home is now worth £177,846 with annual prices rising more than 9%. |