A quick look at the latest RICS UK Residential Market Survey (May 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 MAY RESULTS 2024

Residential Sales Market Insights

House prices

While there have been some reductions in asking prices due to a slowdown in viewings, confidence is returning to the market. This is driven by a reduction in the rate of inflation and stabilising mortgage rates, which are expected to strengthen  market appeal in the coming months should we see as anticipated a reduction in the bank base rate.

New instructions

New sales instructions have increased for six consecutive months, indicating growing confidence among sellers. Market appraisals and listings have picked up, with a notable increase in new registrations in Wimbledon and surround.

New buyer enquiries

In London, we have experienced hesitancy due to the upcoming general election, With an anticipated reduction in interest rates this we expect will help encourage buyers

Agreed sales

The slowdown in the number of sales agreed in May bounced back in early June  An increase in sales instructions has helped improve buyer confidence and this  points to a potential higher sales activity over the coming months and beyond the election.

Lettings market

Tenant demand regained momentum, with rental prices having stalled while some increases have been at a more modest pace. Landlord instructions are stabilising, marking a shift from previous declines. The resilience in tenant demand highlights the continued strength and attractiveness of the rental market to investors.

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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