London house prices to continue to fall in 2018

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It was a similar story with sales which were mostly unchanged, having fallen back sharply in recent months.

The biggest house price falls were recorded in London and the South East. While near term indicators are generally flat for both sales and prices at the national level, twelve month expectations point to a modest pick-up further out.

Earlier this week mortgage lender Halifax reported a particularly sharp drop in house prices last month.

The report is the latest to show strain in the United Kingdom property market, with a survey from mortgage lender Halifax earlier this week suggesting prices plunged the most in nearly eight years in April. By way of contrast, house price inflation remains firm in Northern Ireland and Scotland. "However, once this seasonal pattern has been allowed for the underlying trend in transactions remains broadly flat". However, expectations remain downbeat in London, with 20% more respondents predicting a further decline over the year to come.

Almost all areas of the United Kingdom show positive twelve-month price expectations, led by the strongest sentiment in Scotland and the North West of England. The fall for new instructions is also ongoing, though the -7% net balance is the least negative figure since September 2017.

Moving on to new buyer enquiries, whilst the trend has remained relatively steady throughout April, the figures show that demand has not given a positive reading for thirteen months in a row. The regional picture still remains varied with sales only rising to any meaningful extent in four of the 12 areas covered by the survey.

HOUSE prices in Yorkshire and the Humber fell last month despite the level of homes for sale in the region remaining in stark supply, a new survey has found.

A "steadier trend" is emerging for housing sales across the United Kingdom, with key indicators more stable relative to recent months, according to the latest RICS residential market survey.

In the lettings market, tenant demand in the three months to April was steady, as a net balance of 6 per cent of respondents reported an increase in activity.

Rental growth expectations, although still slightly positive, moderated both on a three and 12 month view on the back of subdued momentum demand momentum.

The data points to the lettings market offering opportunities for landlords, according to Alan Collett, fund manager of Hearthstone Investments.

The April UK Residential Market Survey, by the Royal Institution of Chartered Surveyors, found that just seven per cent of regional residential surveyors saw an increase in house prices, down from 10 per cent in March.

This weakness also seems to be spreading across the price category below, with 74% of respondents noting sales prices coming in lower than asking for properties listed at between £1m and £500,000, up from 56% in January.