Market comment - May RICS survey points to subdued housing market

Davy Research
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The UK Royal Institute of Chartered Surveyors (RICS) housing survey released overnight still points to a subdued housing market. The headline price (-3%) and price expectations surveys (-9%) remain in negative territory. May saw the first rise in new instructions to sell since the Brexit referendum, but the overall trend is that UK house prices remain protected by an illiquid market. This gives us confidence in our forecast for UK house prices to see a 1% rise through 2018.