Andy Sommerville, Director at Search Acumen, comments on the latest RICS Residential Market Survey
“August’s survey depicts a divided housing market split geographically. While London property prices are at their weakest point since 2008, the rest of the UK looks to be enjoying a buoyant market with positive signs of growth.
“Although the country is divided when it comes to house price growth, a nationwide problem persists with housing stock levels, which are sitting near an all-time low. Pressure is mounting on the government to review stamp duty, but housing shortage remains the greatest and most critical obstruction.
“Only when more homes are built to meet our population’s demands will we return to a functioning market that works for the whole nation – be it buyer or seller.”