Every month the Royal Institution of Chartered Surveyors (RICS) releases its UK Residential Market Survey, providing valuable insights into the current state of the housing market nationwide.
This blog post is bought to you by our Chairman & Managing Director, John King, FRICS, who offers valuable insights from his experience here at andrew scott robertson in Wimbledon and South West London. He actively contributes his comments to the monthly survey for the London region.
KEY OUT TAKES FROM THE FULL RICS RESIDENTIAL MARKET SURVEY FOLLOWING END OF MARCH RESULTS 2024
Residential Sales Market Insights
House prices
Current housing stock levels have shown very little signs of improving just yet, ย when we had anticipated it would have been better earlier this year. As we move into the late spring market the position will now remain static for the coming months while vendors take more time in making up their minds whether to sell, while at the same time purchasers remain frustrated that the choice of houses within their price brackets remain limited. Buyer confidence has returned in greater numbers only the subdued uncertainty within the mortgage markets, do we see this confidence being questioned.
Overall, a house is a home, long-term objectives remain first and foremost in the minds of both buyers and sellers. Hopefully the late spring and warmer weather will help improve mindsets and unlock those difficult decisions that have held us back in making.
New instructions
March saw a sluggish increase in new property listings, (some properties returning to the market having been withdrawn late last year make up the numbers) in an attempt to achieve their prices. The result is that new buyers are entering the market for the first time and this has helped swell viewings numbers. A late spring market listing will help promote the qualities most properties offer this time of year.
New buyer enquiries
Buyer registrations are rising compared to the same period in the previous year, particularly here in London. However, asking price increases are not being observed by most buyers as the number of viewings to offers remains around one offer in ten viewings, with stamp duty costs being the principal consideration when making offers.
Agreed salesโจ
There’s an increase, the lower sector of the market picked up earlier this year and has help second-time and third-time buyers to move on as well. Chain sales do provide their own challenges.
Lettings market insights
โจTenant demand is seasonal and currently ambitious quoted rents are not attracting tenants unless the condition of the property is first class. Anything less is telling landlords that there is a growing resistance to increased rents.
However, despite these challenges, demand for rental properties remains strong, showcasing market resilience.
For more from the RICS UK Monthly Residential Market survey, you can download and read more 2023/2024 reports here:ย https://www.rics.org/news-insights/market-surveys/uk-residential-market-survey
Please feel free to reach out to us for personalised advice and assistance in this ever-evolving real estate market.ย Find the right team for your needs here.
Regards,
John King,ย FRICS
