Fresh homes flood market

The Royal Institution of Chartered Surveyors (Rics) has reported that the flow of fresh homes coming on the market reached its strongest level in nearly two years in May. A net balance of 14% of property professionals reported seeing new instructions to sell rising rather than falling in May, marking the best reading for new property listings since March 2021. The latest survey result also broke 13 months in a row of new instructions falling rather than rising. Housing market demand was also at its least negative level in a year in May. However, Tarrant Parsons, Rics senior economist, warned that the UK's stubbornly high inflation is likely to undermine the recent improvement in activity. A net balance of 7% of surveyors reported a drop-off in sales rather than a rise in May, Rics said. In London a balance of 3% of surveyors reported prices falling rather than rising

Daily Mail (10/06/2023)   The Independent (10/06/2023)