A RICS survey shows that following a decline in new buyers in previous months, the market is now beginning to stabilise. This may be due in part to the Brexit extension to October 2019.
The May 2019 RICS UK Residential Market Survey results show a steadier picture over the coming month. Sales and prices have signalled a more “modest” recovery with the north seeing the biggest sales expectations. The report says: “expectations point to a gradual improvement in activity over the next twelve months”.
What RICS said:
RICS Chief Economist, Simon Rubinsohn said: “Some comfort can be drawn from the results of the latest RICS survey as it suggests that the housing market in aggregate may be steadying.
“However much of the anecdotal insight provided by respondents is still quite cautious, reflecting concerns about both the underlying political and economic climate.
“Another significant point made by respondents is that there continues to be considerable emphasis on the need for realistic pricing on the part of vendors, which while not a new story, is indicative of the ongoing challenges.
“Meanwhile the lettings numbers are a source for some concern with rental expectations beginning to accelerate. It remains to be seen whether the pick-up indicated in our data materialises but the deterioration in the net return for landlords certainly provides a reason why, as it is a possible outcome of recent changes in the tax treatment of buy to let investments.”
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:
Cavendish Residential Senior Partner and Valuer, Hugh Evans said: “The confidence and demand has improved by some 10% since the start of the year which is the opposite of the negative London centric media’s view of the UK property market.”
Hudson Moody Managing Director, Ben Hudson said: “A realisation that Brexit will rumble on for ever has meant buyers and sellers are starting to make decisions to move.”
Hunter Dunning Managing Director, Joe Synes said. “While the residential property market isn’t completely out of the woods it’s good to hear that it’s stabilising. From a property recruitment perspective this will mean everyone from estate agents and property managers will have more job security. Moreover, more positions will be made as the market recovers. Win win!”
View the full RICS May 2019: UK Residential Market Survey report here
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