Search Acumen respond to the RICS Residential Market Survey for September 2016
- Buyer demand increases for the first time in seven months although conditions vary across the UK
- House prices continue to rise while new instructions remain scarce
- Downward trend in sales eases with expectations continuing to improve
Andy Sommerville, Director of Search Acumen, comments:
“Residential market sentiments this September show that house prices across Britain have risen for the second month in a row and the storm in the housing market is settling. Enquiries from buyers have picked up for the first time since February, representing an increase in national demand as confidence seemingly grows. In addition, when looking ahead we see that house price expectations for the three and twelve month horizons have received a new lease of life after a post-Brexit chill.
“Despite a broadly positive outlook on a national level, continually falling prices in the capital reflect the uncertainty in our capital’s financial services industry since the referendum. Expectations of a pick-up in inflation due to the recent blows to the pound will not help the unaffordability of homes in the city whilst RICS forecast further drops in supply.
“Looking forward to the Autumn Statement, the property sector anticipates the announcement of measures to boost home-building in Phillip Hammond’s first Budget statement. Tackling the growing gap between housing supply and demand will protect our market and allow ‘business as usual’ whilst we await more clarity on our relationship with a fragmented European Union.”
This article was submitted to be published by Search Acumen as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.