Buyers seeking smaller and more affordable homes, property professionals report

The Royal Institution of Chartered Surveyors (Rics) April market survey of the UK property market found that demand from buyers and house sales have decreased, resulting in an increase in the average number of properties held on estate agents’ books. Prices have been falling, with a net balance of 39% of professionals seeing prices fall in April. In the rental market, tenant demand increased while instructions from landlords fell, leading to an expected increase in rental prices in the next few months. It is clear that the macro uncertainty and policy developments are causing a decrease in housing starts.