Winter Weather Delays House Hunting

• News
• Published: 09 Feb 2010 in Money and Mortgages

Consumers looking to buy or sell a home delayed their moving plans last month due to the cold weather, according to new research.

For the first time in 14 months, the Royal Institution of Chartered Surveyors recorded a fall in enquiries from house hunters in January, while the number of new sellers dropped for the first time since last June.

A fifth more surveyors said they had seen a fall in new buyers than those who had seen an increase, down from 18% more who reported an increase in inquiries in the previous month.

The bad weather had a dampening effect on the level of new sales agreed, falling to an average of 18 per chartered surveyor estate agent during the three months to the end of January - down from 19 during the previous three-month period and the first drop for 10 months.

RICS spokesman Ian Perry said: "House prices are likely to rise in the short term but if more supply continues to come onto the market, it is possible that the market will run out of steam in the latter part of the year."