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Thursday, September 08, 2016

Surveyors feeling a bit more confident

Surveyors are feeling a bit more confident about the post-Brexit property market.

RICS UK Residential Market Survey  for August 2016 reports after an initial slump in market activity after the referendum bomb shell, surveyors are feeling more positive with their three and 12 month outlook.

12% of surveyors reported seeing price increases up from the low of just 5% in July. However this upswing in confidence does follow the five month run in falls, and is still way down on the high, recorded 18 months ago, when surveyor confidence hit 50%. 

 RICS chief economist,Simon Rubinsohn comments: 

“There are clear signs that the housing market is settling down after the initial surprise of the outcome to the EU referendum.”

August's sales volumes also showed signs of stabilising with the RICS agreed sales indicator improving to zero from -32%. 

RICS believe the key factor for future rising prices is the continued shortage of stock for sale, with surveyors reporting August seeing a further decline of supply.

Stock on estate agents books fell again, to close to the record low seen in December 2015.

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