A quick look at the latest RICS UK Residential Market Survey Aug 2024)

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 AUG RESULTS 2024 

Residential Sales Market Insights

House prices
August saw a positive shift in house prices, marking for the first time since October 2022 that the national house price indicator has moved upwards. Near-end of term expectations suggest modest growth in house prices over the next three months, with a positive outlook continuing into the first quarter of next year across all regions.

New instructions

New property listings saw a slight improvement in August and September, signalling a trend in the supply chain. Agents reported a rise in market appraisals compared to the same time last year, indicating an increased pipeline of new instructions in the coming months.

New buyer enquiries
August/September saw a rise in new buyer demand, the most positive since October 2021. The softer mortgage rates likely contributed to this demand boost, although it is coming from a low base. This uptick in enquiries reflects growing buyer interest, with further momentum expected.

Agreed sales
Agreed sales also increased over the same period. Agents are more optimistic about end of year sales, compared to earlier months, expecting supply to improve over the next three months. The overall outlook for sale transactions up to year end remains promising as confidence returns in market activity.

Lettings market

Demand remains focused on smaller one- and two-bedroom flats, while landlords with larger homes are offering rent reductions to secure tenants. As more landlords exit due to rising costs and regulatory pressures, rental prices may continue to stagnate compared to previous years. The overall supply chain remains a key factor, creating a delicate balance between maintaining a fair rental system and ensuring enough available properties amid growing landlord concerns has become a challenge.

For more from the RICS UK Monthly Residential Market survey, you can download and read more 2023/2024 reports here: 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 residential market. Find the right team for your needs here.

Regards,

John King, FRICS

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