Brian McDaniel

Aspire to Inspire

According to Greycoat Real Estate agency specialists, mortgage rates continue to hold high in the U.K. property market. That’s turning off buyers in a big way. They explain how house prices continue their trajectory downward and sales are falling off to a dismal pace.

 

Now, current data from the Royal Institute of Chartered Surveyors (RICS) paints a bleak picture. It showed a reading of minus-68% in August. That number was minus-55% in July. This represents the lowest such level since the onset of the British financial crisis. Market experts & analysts with Greycoat Real Estate, a top-flight U.K. firm, say that near-term expectations are “subdued.” 

 

A small bright spot is that the net balance has trended just a bit tad less negative at minus-38% compared to the previous month’s minus-45%. Taking a 12-month perspective, home sales are forecast to flatten out. For Greycoat real estate agents, this would suggest a net balance heading from 25% in July to negative-5% for August.

 

A spokesperson for Greycoat Real Estate said that the latest cache of data from the RICS continued to point toward a calcified housing market with nary a sign of relief on the horizon. The ongoing economic uncertainty plaguing the U.K. economy provides an inescapable wet blanket (Bdaily).

In addition, it works to ensure that mortgage rates will retain their lofty positions. To say the least, affordability metrics “remain strained” in most parts of the nation. The outstanding and reliable Greycoat Real Estate market analysts advise soberly that “everyone might as well get used to it.” According to the Bank of England, the country is facing the longest recession since records began. That’s five straight quarters through the end of 2023.