Housing supply stirring
RICS UK Housing Market Survey - Jan 22
The Royal Institution of Chartered Surveyors published their latest UK Residential Market Survey this morning
What they said
New buyer demand is rising
Sales steady in January but expected to rise in the coming months
Stock remains tight
Although agents continue to report a shortage of homes to sell, it seems to us that supply is starting to stir. The balance of new instructions remained in negative territory, but at its least negative since April 2021 (the month following the initial stamp duty holiday deadline). The net balance for market appraisals came in at +3%, the first time it has been above zero since June 2021 (the month of the £500,000 stamp duty holiday deadline) and market appraisals invariably lead to instructions to sell.
This improvement in metrics has led estate agents to be more optimistic about the level of future sales. A net balance of agents expect the volume of sales to rise on both a three and 12-month view.
Whilst it is too early to see the impact of the cost of living rises on the UK housing market RICs members do not currently expect it to derail the market as it enters its traditional spring selling season.
Agents remain upbeat about house prices with a net balance of 74% seeing an increase in January and 76% expecting further increases over the next 12-months.