Housing market 'resilient' and will rise despite RICS report of slowdown, says West One Loans MD Wasserman

Brian West

11 August 2017 13:31 GMT

West One Loans MD Stephen Wasserman says the housing market is resilient and will grow in time following reports of a slowdown in London and the South East.

While the region is pulling down activity and average price growth in the UK based on figures reflecting sales in July, other areas saw price rises, says the Royal Institution of Chartered Surveyors (Rics).

These include Northern Ireland, the West Midlands and the South West of England. Overall, 1% more UK surveyors reported prices rising rather than falling.

The balance of surveyors reported price rises in July being down from 7% in June, partly owing to more surveyors in the South East reporting house price falls than the number reporting increases.

And Mr Wasserman said: “Political and economic upheaval, alongside the ongoing supply versus demand issue, is continuing to plague the property market, damping buyer and investor demand.

"Despite the figures painting another downcast picture of activity, the housing market is resilient and we’re optimistic that while we may continue to see a few stutters in due course, the overall market will grow in time.

"The bridging sector in particular has been flourishing in recent months, as those looking to capitalise on quick sales can do so with the flexibility and speed that this unique type of financing offers, and we expect this trend to continue.”

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