'Predatory Buyers' Scavenge Defenceless Housing Market

'Predatory Buyers' Scavenge Defenceless Housing Market



798_2022-05-03-11-01-31am.gif
.

Moving house is swiftly becoming a rarity, with latest surveys reporting a record low since surveyors began taking records thirty-year-ago.

The Royal Institution of Chartered Surveyors (RICS) today revealed that the three months leading up to the end of June saw a mere 15.3 transactions per surveyor, the main catalyst being the current buyers inability to get a mortgage.  
 
With nine in 10 surveyors declaring price declines last month, a vast 88% of surveyors quizzed, reported a fall in house prices this month, complemented by a worrying 34% fall in buyers enquiries.
 
Whilst the number of surveyors reporting house price-falls was a higher 92.2% in the previous month, a future improvement is an unlikely event with the ratio of completed sales to stocks of unsold properties falling from 19.4% to 18.2%, usually considered a safe guideline for analysing market conditions by economists.
 
Such announcements will be music to the ears to ‘predatory buyers’ ready to swoop in on the depressed market for vast reductions. RICS Spokesman Jeremy Leaf added, “Even in a weak market there are always opportunities for investors and buyers to profit and some are starting to circle for bargains. Would-be buyers are negotiating from a position of strength.”

Leave a comment