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Yet more hope that the UK housing market is stabilising

The Royal Institute of Chartered Surveyors has today issued a new report on UK housing market signalling a possible stabilisation of prices. It has reported the smallest balance of real estate agents and surveyors reporting price reductions last month for over 18 months. However, we have seen an array of positive reports on the UK property market which failed to follow through and ultimately led to disappointment for many investors and homeowners. Why is this particular report any different?

While the fact that the report is from "people on the ground" is a very positive factor in the esteem with which the figures should be held, we do need to see a minimum of three months positive news month by month before we can confidently predict a significant upturn in the UK property market. Too many people have had their fingers burnt because of an array of "false dawns" that nobody is prepared to invest or go out on a limb on just one month's figures.

The UK property sector may well have begun to stabilise but confidence levels are still very low and liquidity is near non-existent in some areas of the UK mortgage market.

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