Prices still rising, but only in London says RICS

Festooned with net balances and garlanded with activity level indicators, you just know it has to be the RICS housing market survey for February.

We shall attempt to translate in a helpful bid to save EAT readers time. (Soon we shall get it down to a fine art like one of those Shakespeare in one minute jobs.)

First, the headline net price balance has improved but remains negative. We think this means that prices fell in February but not as quickly as they might have done. If any one else can offer a different translation, please let us know.

Here at EAT, we’re a bit confused by the 26% more surveyors showing prices falling rather than rising: well, that’s what it says.

Apparently ‘activity level indicators’ were a little more encouraging. New inquiries stabilised, while new instructions rose. Translation: fewer buyers, more sellers, but whether it means anything is another matter.

Finally, London was the only region to record rising prices: no translation needed.

You can take your pick as to whether the whole thing is seasonally adjusted or not.

Oh, and 255 surveyors contributed, covering 366 offices.

Overall translation: London good, Wales bad. It’s mostly the media’s fault. And in Tunbridge Wells there’s a commission war.