Economic worries prevent houses coming to market

ECONOMIC concerns are causing house-owners to hold back from placing their properties on the market, a new survey reports today.

Supply to the housing market fell last month, the Royal Institution of Chartered Surveyors (RICS) said. Five per cent more surveyors reported that supply of property fell rather than rose, in September.

Yet despite a slight pick-up in demand, house prices remained unchanged in September, while surveyors still expect prices to be weighed down in the near future.

“Every part of the UK, including London, recorded some degree of negative price expectations,” the survey said.

“Falling supply of fresh stock is indicative of general fears overhanging the economy, with many potential sellers preferring to stay put for now,” said RICS’s Michael Newey. The housing market “remains pretty flat”, Newey added.