The housing market experienced a minor slump due to the side-effect of being in the same location as the 2012 Summer Olympic Games.  The distraction of the Games to the host Nation had an impact on potential property buyers.  According to the latest data from the Royal Institution of Chartered Surveyors (RICS) the August data revealed that 9% of chartered surveyors reported a fall in demand while only 4% reported the same in July.  There may have been fewer wanting to view properties for buying consideration but sales held up and remained fairly steady.

Ian Perry, RICS spokesperson, said, “Little changed in the housing market last month. Despite the Olympics taking centre stage throughout much of August, it didn't have any real impact on the proportion of sales going through.

“Understandably, the amount of people out looking at property fell away slightly but, generally speaking, demand held up fairly well.”

The study also revealed an optimistic outlook on the future with 12% of chartered surveyors expecting sales to increase in the coming three months opposed to a decline.  Some of the increased optimism is likely due to lenders putting out more attractive mortgage lending.  The mortgage and remortgage lending market is very competitive right now as lenders are on the search for borrowers.  Some mortgage deals in the low loan-to-value areas of 40% are being offered at interest rate levels below 3%.  There are also interest rate offerings at levels slightly more with no fees, lots of incentives and long term fixed rates.