20OctoberMore balanced picture emerging nationally London market coming off the boil Rental market remains firm, underpinned by tight supply and steady demand growth The September RICS Residential Market Survey indicates fading, albeit still robust, price momentum at the headline level. This comes on the back of a more balanced demand picture, in part related to less buoyant expectations of future price rises. Crucially however, the supply trend remains more or less flat with no indication of a pick up in new vendor instructions. The London price balance turned slightly negative in September for the first time since the beginning of January 2011, ending the longest continuous period of price growth that this survey has recorded for the capital. Although stripping London out from the headline balance produces a more positive reading, the trend in the headline ex-London series over the last few months has still been on a downward trajectory, indicating that fading price momentum is more than just a London story. Expectations for price growth over the coming three months remain positive with only surveyors in the London market expecting to see values decrease. However, at the twelve month horizon, prices are expected to rise across all regions with respondents on average forecasting a 2.1% increase.
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