Housing market activity stalled in May, as households held off making a decision on whether to move until after the general election, according to the latest survey by the RICS.
New buyer enquiries and new listings fell for a 15th month, while the number of agreed sales was also lower. House prices rose, but the balance of estate agents reporting an increase fell to +17% from +22% a month earlier.
The survey was described as ominous by the RICS chief economist Simon Rubinsohn, who noted the expectation that price growth would outpace wage growth despite the difficulty of first-time buyers to get on the housing ladder, as well as the tight second hand market.
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