Andrew Scott Robertson, Chartered Surveyors & Estate Agents, Wimbledon

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

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 JULY RESULTS 2024 

Residential Sales Market Insights

House prices

House prices across the UK continued to produce mixed messages. There are hot and cold spots in every region, vendors as well as purchasers face different choices. There are signs of a more positive outlook that will help both camps, mortgage rates have reached a more affordable level, while some growth in house prices is expected during the final quarter of this year. What happens next will depend on tax changes in the Autum Budget and whether we see a further reduction in the bank rate. We are expecting to see more properties come to the market after the summer recess, as families wrestle with their household budgets such as Vat on private school fees being a principal consideration.

Home ownership is a long-term investment, short termism only works in a rising market, if you are selling and buying at the same time, the purchase and selling cost will almost be double, therefore when deciding on your next move, remember why you purchased your current house in the first place it’s a good omen as why your house will appeal to others when selling, you should also have that same feeling when buying.

New instructions

The number of new properties expected to come onto the market has decrease in July. This suggests that vendors are hoping to hear from agents that their property values have risen since early Spring. The level of new listings and market appraisals suggests that sellers are holding steady, neither rushing to list nor pulling back significantly.

In London, as expected there was a slowdown in new instructions, likely due to the summer holidays, which traditionally does cause a dip in activity.

New buyer enquiries
The level of new buyer enquiries has also stabilised, while demand is not surging, the market is no longer in decline. Most agents have noted that buyer activity has quietened due to seasonal factors, but there is more optimism as there are signs that interest rates will reduced further.

Agreed sales
The sales market in and around Wimbledon as elsewhere experienced a solid month as property exchanges often take place more in this month than most others enabling buyers and sellers to use the summer to resettle.  Off market selling is becoming a feature with several vendors now requesting this service when offered. It’s the one feature that will undermine property portals and help return more applicants through agents own doors when seeking that exclusive purchase.

Lettings market

Tenant demand continues to focus on one and two bedroom flats, which remain the most popular choice despite a general slowdown in rental enquiries. The trend of tenants renewing their leases rather than seeking new properties suggests a desire for stability in a market where supply is tightening as more landlords seek to sell before CGT increases as is likely following the Autumn Budget.

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

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 Village. He actively contributes his comments to the monthly survey for the London region.

KEY OUTTAKES FROM THE FULL RICS RESIDENTIAL MARKET SURVEY FOLLOWING END OF JUNE RESULTS 2024

House Prices

Overall, house prices in South London are stabilising, with expectations that interest rates reductions will lead to a rise in values over the next twelve months.

New Instructions

New instructions slowed in June, as many homeowners focused on the pending outcome of the government election.

However, since the announcement changes to the current legislation on lettings will follow shortly. This will lead to some landlords selling their investments with vacant possession when given the opportunity, as increases in capital values picks up later this year it will be seen as a more attractive option.

The outcome of all of this will lead to fewer properties being made available to rent when it does happen.

New Buyer Enquiries

New buyer enquiries tailed off as fewer properties came to the market. Once again with the election, it brought about a wait and see attitude as early signs of an interest rate reduction immediately fade.

Agreed Sales

Newly agreed sales following reductions on asking prices showed increased optimism.

The pace of the market is still unpredictable to gauge but with us we are seeing an offer from every six viewings compared to one in ten over previous months.

Lettings Market

The lettings market remains consistent with similar tenant registrations month on month. Tenants are challenging asking rents more often on renewals and new lettings. This has meant that landlords and agents have had to raise their standards of the accommodation and service to attract the best tenants.

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

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

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,  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 sales


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


Tenant 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: 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. Find the right team for your needs here.

Regards,

John King, FRICS