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12 September 2012

Housing market holds steady in August

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by Gill Montia

Housing market holds steady in August

The UK housing market managed to hold steady in August, despite the distraction of the Olympics, according to the latest survey by the Royal Institution of Chartered Surveyors (RICS).

The month saw a slight fall in demand and little change in the number of new properties coming to market, compared with July.

In the three months to August, respondents sold an average 7.5% of the homes on their books per month, with the proportion of sales to stock having remained broadly consistent so far this year.

Surveyors also reported that sales are progressing where vendors are realistic with their asking prices.

Overall, prices continued to edge lower in August, but at a slower pace than in July.

London was once again the only region to report a positive reading while Northern Ireland, the West Midlands and Yorkshire and Humberside saw the biggest price falls.

Looking ahead, chartered surveyors across the UK are expecting sales to pick up slightly during the autumn.

However, the same cannot be said for prices, which are expected to slip further between now and the end of the year.

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