RICS report modest growth in housing market demand!

Demand for homes sees a modest recovery following BREXIT jitters, according to RICS members.

Demand rose for the first time in seven months in September after having taken a dive in June and July during the height of the referendum battle and immediate aftermath of the Brexit vote.

The lack of properties coming onto the market means that prices have risen. The RICS said that the average of 45 properties on estate agents books remained close to historic lows. Simon Rubinsohn, chief economist at RICS, takes the view  that the market does now appear to be settling down following the significant headwinds encountered through the spring and summer. They say buyers are returning, albeit relatively slowly, but the big issue that continues to be highlighted by respondents is the lack of fresh stock on the market."

Over the next three months, surveyors predict that house prices will rise further across the UK. However, they remained cautious about the central London market where prices are expected to fall, albeit only modestly, over the same period.

Recent surveys by mortgage lenders, the Halifax and Nationwide, suggested that the annual increase in house prices had slowed in September compared with the previous month. Property portal giant Rightmove has also commented on the north being a sellers market at present.  

As there has been a significant fall in fresh stock coming to the market this year, prices have pushed on. Buyers need to be well prepared and act quickly if they wish to avoid missing out on the home they want to buy.

You can download the full RICS September Housing Market Survey from this page (see top left under downloads).

Tony Wing DipSurv MRICS FNAEA

Sales Director
Lincoln Office
Email: tonywing@robert-bell.org
Tel: 01522 538888
Twitter: @robertbellandco

Comments

Commenting is not available for this blog.