UK property industry slows as the conclusion of tax break looms

Posted on 15 February, 2021 by Editor in Chief

The United Kingdom property market softened greater than anticipated in January as RIC‘s surveyors reported a fall in enquiries from potential homebuyers for the first time in eight weeks. The most recent signal the imminent end of the stamp duty vacation is weighing on demand.

Closely watched indices of housebuyers interest, in addition to readings on new listings and consented sales, were all negative in the past month, according to statistics released on Thursday from the Royal Institution of Chartered Surveyors.

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“The message from January’s RICS survey is that housing market activity is entering another lull,” explained Andrew Wishart, property economist at Capital Economics. “The lockdown and the looming end of the stamp duty holiday have caused a sharp drop in buyer demand and sales.”

RICS index that monitors the amount of brand new listings dropped to minus 28 at the beginning of 2021. The first time a fall since May 2020. At the same time, another index reported a decline of minus 38 of new listings.

The tepid figures follow Nationwide’s January house price index, published last week, that captured the very first month-on-month regeneration since the authorities introduced the residential property tax break.

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