Homebuyer inquiries fall but prices rising, survey says

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Homes in NewportImage source, Getty Images

Demand from homebuyers in Wales has fallen for the fourth month in a row but property prices are continuing to rise, latest figures have shown.

The Royal Institution of Chartered Surveyors (RICS) said anecdotal reports suggested the EU Referendum result was a factor.

July's figures saw the sharpest fall in demand since August 2014.

As a result, the balance for newly agreed sales dropped to its lowest level in eight months.

Haverfordwest estate agent Paul Lucas said there was much uncertainty in the market and buyers had become very cautious, while property salesman David James, of Brecon, said sales had stood up after Brexit but that now the number of sales were down slightly.

RICS's chief economist Simon Rubinsohn said: "The housing market is currently balancing a raft of somewhat mixed economic news alongside the latest policy measures announced by the Bank of England, which have already begun to lower cost of mortgage finance.

"Against this backdrop, it is not altogether surprising that near term activity measures remain relatively flat.

"However, the rebound in the key 12 month indicators in the July survey suggest that confidence remains more resilient than might have been anticipated."