The latest RICS UK Residential Market Survey shows that buyer interest has risen for the first time in almost three years.
We saw property demand stabilise in May and in June we saw a rise in interest from new buyers. November 2016 was the last time we saw a rise like this one on a national level. This has also led to new instructions seeing a positive for the first time this year as housing prices see a lift in some areas.
The report states: “The Newly Agreed Sales net balance edged up to +2% in June marking the first time in ten months where survey participants did not report a decline in activity on this basis.”
What RICS Said
RICS Chief Economist, Simon Rubinsohn said: “The latest data provides further evidence of the sales market settling down but I don’t get the impression from the insight provided by contributors that this is fuelling hope of a significantly more active market going forward. Many of the factors that have provided a challenge during the first half of the year remain unresolved.
“Meanwhile feedback on the lettings market continues to highlight the impact of the policy changes announced in recent years. Build to Rent should in time help take up some of the slack in parts of the country but the RICS indicators capturing rent expectations suggests there is no expectation this will be the case anytime soon.”
The Royal Institution of Chartered Surveyors (RICS) is the global professional body that promote and enforce top international standards. This includes, but not limited to valuation, management and development of land, real estate, construction and infrastructure industry. See more about RICS UK here.
What Industry Experts Said:
David Hammond Chartered Surveyors’, David Hammond said: “Good demand for well priced properties. Level of market appraisals and new instructions increasing.”
John Goodwin’s, Colin Townsend said: “Another steady month. 2019 looks like being a more solid year than feared at the start.”
Gates Parish & Co.’s, David Parish said: “We are undertaking more valuations and prospective purchasers are showing more interest. The market is therefore improving slowly”
Hunter Dunning Managing Director, Joe Synes said. “Brexit still featured heavily in the comments from industry experts which is an ongoing unresolved factor effecting our market. Regardless of this it is great to see a rise in new buyer interest following a stable month of May, all of which is having a positive impact on property recruitment. We’re looking forward to an even better July!”.
View the full RICS June 2019: UK Residential Market Survey report here
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