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Thursday, October 13, 2016

Prices up, as supply shrinks, predict RICS

The Royal Institute of Surveyors UK Residential Market Survey for September 2016 is out.

Key points

  • Buyer demand increases for the first time since February. 
  • House prices continue to rise.
  • New instruction levels stay low. 
  • Market confidence picking up following post-referendum jitters.
  • Agents sale stock levels remain close to historic lows at an average of 45 properties. 

Price and sales outlook

Low supply alongside increasing demand is expected to push up prices both in the short and long term. Surveyors are increasingly confident that prices will push up over both the next three months and twelve month periods.

The outlook for central London is less positive, with surveyors predicting small price falls to continue in the short term, thanks to Brexit and Stamp duty changes.

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