For the first time since 2008, expectations for house sales have dipped into negative territory, the Royal Institution of Chartered Surveyors said. Nearly 40 per cent of surveyors told RICS they expect London property prices to fall over the next three months.
Meanwhile, the Council of Mortgage Lenders reported yesterday that home-owners borrowed £8.7 billion for house purchases in February, up 4 per cent month-on-month and 21 per cent year-on-year. They took out 48,000 loans. First-time buyers borrowed £3.4 billion, up 21 per cent on February last year.
Paul Smee, director general of the CML, said: ‘In 2016, there have been substantial increases in house purchase and remortgage activity year-on-year. This reflects the sluggish market in early 2015, perhaps driven by election uncertainties.
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