News

January freeze hits market

9 February 2010


The UK housing market saw a decline in buying and selling activity during January due to the extreme weather conditions faced across the country, according to the Royal Institution of Chartered Surveyors (Rics).

Despite the freeze in activity prices continued to rise during the first month of the year, with the group expecting a ‘spring bounce’ in the next few months.

The freezing temperatures and heavy snowfall saw many people working from home during January and subsequently the number of people viewers homes also declined.

The Rics survey found that more surveyors reported buyer inquiries fell, rather than rose, in January. This was the first result indicating this for 14 months.

“The cold snap in January clearly has a huge impact upon both supply and demand in the housing market with activity coming to a halt amid the seasonal chaos,” said Ian Perry, of Rics.

Perry added: “Activity and interest is likely to pick up in the coming months as the market experiences a Spring bounce.”

Source: BBC News

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