{"id":2686,"date":"2008-11-11T10:35:05","date_gmt":"2008-11-11T10:35:05","guid":{"rendered":"https:\/\/mmm.9dotdigital.ca\/?p=2686"},"modified":"2025-03-27T15:48:44","modified_gmt":"2025-03-27T15:48:44","slug":"uk-rics-housing-survey-slightly-less-gloomy","status":"publish","type":"post","link":"https:\/\/mmm.9dotdigital.ca\/?p=2686","title":{"rendered":"UK RICS housing survey slightly less gloomy"},"content":{"rendered":"<p>The October Royal Institution of Chartered Surveyors (RICS) housing market survey suggests a recovery in turnover from current rock-bottom levels together with a slowdown in the rate of decline of prices. Smaller price falls would be consistent with the equivalent stage of past housing downturns &ndash; see <a href=\"http:\/\/www.moneymovesmarkets.com\/journal\/2008\/11\/7\/uk-house-prices-lessons-from-history.html\">previous post<\/a>.<\/p>\n<p>The survey confirms a recent slump in activity and prices. However, the new buyer enquiries index tends to lead turnover and price momentum and rose for the sixth consecutive month in October, though remains in negative territory &ndash; see charts below.<\/p>\n<p>The earlier fall in the index was exacerbated by uncertainty about changes in stamp duty. The recent revival probably also reflects lower prices and expectations of interest rate cuts (the survey was conducted before last week&rsquo;s MPC move).<\/p>\n<p>The slowdown in negative momentum should not be mistaken for the approach of the end of the downturn. While turnover may be bottoming, the next stage of the price decline is likely to be driven by rising supply as unemployment climbs. As the earlier post showed, experience in the mid 1970s and early 1990s suggests a sustainable recovery in prices will be delayed until 2011 or beyond.<\/p>\n<p><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" src=\"\/storage\/UK-mortgage-approvals-RICs1108.jpg?__SQUARESPACE_CACHEVERSION=1226401200639\" alt=\"\" \/><\/span><\/span><\/p>\n<p><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" src=\"\/storage\/UK-house-prices-RICs1108.jpg?__SQUARESPACE_CACHEVERSION=1226401220255\" alt=\"\" \/><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The October Royal Institution of Chartered Surveyors (RICS) housing market survey suggests a recovery in turnover from current rock-bottom levels together with a slowdown in the rate of decline of prices. Smaller price falls would be consistent with the equivalent stage of past housing downturns &ndash; see previous post. The survey confirms a recent slump [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2686","post","type-post","status-publish","format-standard","hentry","category-money-moves-markets"],"_links":{"self":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2686","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2686"}],"version-history":[{"count":1,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2686\/revisions"}],"predecessor-version":[{"id":4995,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2686\/revisions\/4995"}],"wp:attachment":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}