【Express】UK Property: Surveyors say market steady in May as London starts to bounce back

The latest survey of RICS members across the UK also reveals that while the overall market outlook for the near term is still cautious, expectations point to a gradual improvement in activity and average prices over the next twelve months. The decision to extend the deadline for the UK’s withdrawal from the EU until the end of October seems to have spurred some buyers into action, albeit that a significant number of surveyors believe that the market will remain muted in terms of transaction numbers over the next quarter. In terms of values, 10 per cent of RICS members who contributed to the survey said that they observed a fall in property values in May, against 22 per cent of surveyors who observed a fall in values in April. This would suggest that the pace of price declines is easing, although the picture remains complex.

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By LOUISA FLETCHER, PROPERTY EXPERT