LONDON: British house prices remained flat in June and the market was likely to stay sluggish in the coming months despite more properties being put up for sale, a surveyors group said on Thursday.
The Royal Institution of Chartered Surveyors’ (RICS) house price balance rose to +2 from -2 in May.
A Reuters poll of economists had pointed to a fall of -3 in June but RICS said the overall picture remained one of flat price growth and respondents taking part in the survey did not anticipate much change in the coming three months.
Britain’s housing market has cooled since the 2016 Brexit vote which led to a rise in overall inflation and increased uncertainty among investors.
“For the second month in a row, new instructions have risen, with 10 percent more respondents seeing an increase in the flow of properties being put up for sale,” RICS said.
“However, with average stocks remaining close to historic lows at 43 it would be too early to suggest that this issue is lessening as an obstacle.”
Looking further ahead, London’s housing market was likely to remain a weak spot — prices were not expected to rise in the capital and the neighboring south east region, in contrast to much of the rest of the country.
UK housing market remains in the doldrums — survey
UK housing market remains in the doldrums — survey
New Saudi draft project to regulate direct market entry of listed companies’ subsidiaries
RIYADH: The Saudi Capital Market Authority has launched a draft regulation for the direct listing of subsidiaries of companies already listed on the main market, inviting stakeholders to provide feedback over a 30-day period, according to a statement issued Feb. 26.
The proposed framework aims to allow subsidiaries of main-market companies to list their shares directly on the main market without undergoing an initial public offering, thereby shortening timelines, streamlining procedures, and reducing the costs associated with listing on the Saudi stock market.
It also seeks to create more investment opportunities in the Saudi financial market, contributing to market depth and product diversification, while maintaining high levels of transparency and protecting investors’ rights.
The proposals enable the issuer and its financial advisor to share information about the company and its financial statements with a select group of potential investors before obtaining CMA approval for the share registration request, allowing them to assess their interest in a direct listing on the main market.
They also allow a specific group of licensed financial advisory firms to prepare research and financial reports, provided these are not published before CMA approval.
The proposed framework emphasizes the importance of proper disclosure by setting out requirements for registering shares on the main market, including submitting a registration document to the CMA.
It also specifies the information that must be included in the registration document, such as the method for determining the reference share price and the risks associated with this method.
Under the draft regulation, securities offering rules, ongoing obligations, and the CMA’s glossary of terms and regulations will be updated to allow this type of listing.
This approach is expected to bring multiple benefits, including maximizing the overall value of the main market with lower risk by listing companies that have greater knowledge and experience of market regulations, as well as deepening the market by increasing the number of listed companies across multiple sectors.
