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Thursday, October 08, 2015

RICS September market survey

In RICS September UK Residential Market Survey 2015 surveyors reported seeing -

The lettings market

In RICS September UK Residential Market SurveyTenant demand continues to outstrip the supply of rental properties.

The RICS surveyors predict a 3% rise in average rents over the coming year.

The sales market

Surveyors have reported seeing a rise in agreed sales, higher agreed prices and buyers outnumbering sellers thanks to the improving availability of mortgage finance.

In RICS September UK Residential Market Survey, surveyors in the North, East Anglia and Scotland reported seeing the biggest jumps in activity.

More relaxed lending saw the average ‘perceived’ LTV ratio reported by buyers increased to 79.3%.

Increasingly the block for buyers is the shortage of supply, with new instructions falling again in September, the thirteenth monthly fall of the last fourteen.

This imbalance between demand and supply is predicted to push prices up further over the first half of 2016.

RICS Chief Economist, Simon Rubinsohn,  comments

"Activity is now picking up which is encouraging, but unless the stock being sold is replenished there is a limit to how sustainable this modest improvement in market turnover will prove to be. And, unfortunately, the indications are that we are locked in a cycle where the lack of available properties on agents’ books is itself deterring some potential vendors from thinking about putting their own property on the market.

Against this backdrop, it is hard not to see prices continuing to move higher over the coming months and into the early part of 2016, notwithstanding the present concerns regarding the affordability of housing in some areas of the UK that are being highlighted by respondents."

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