The downturn in the UK housing market eased in June, according to a survey of property professionals, but the overall mood remains cautious as confidence among buyers and sellers is still described as fragile.
The latest reading showed that house prices fell again, although the pace of decline slowed compared with the previous month. Surveyors also reported that demand and agreed sales remained under pressure, pointing to a market that is stabilising only gradually rather than recovering decisively.
Confidence remains weak
According to the report, surveyors continue to see a subdued backdrop for the housing sector, with uncertainty around affordability and wider economic conditions weighing on activity. Even so, the smaller drop in prices suggests the market may be moving away from the sharper weakness seen earlier in the year.
The survey adds to a mixed picture for UK property, where signs of improvement are emerging but have not yet translated into a stronger overall recovery. Industry sentiment, the report says, is still vulnerable to changes in borrowing costs and buyer demand.
Source: theguardian.com
