Every month the Royal Institution of Chartered Surveyors (RICS) releases its UK Residential Market Survey, shedding light on the current state of the housing market across the UK.
This blog post is brought 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.
Mortgage rates putting pressure on house prices
House prices are facing downward pressure, and it’s evident that high mortgage rates play a significant role in this situation. For potential buyers, the cost of borrowing is becoming a significant factor in their purchasing decisions. The relatively high mortgage rates are creating challenges in affordability, especially in areas where prices had surged during the pandemic.
Tenant demand outweighs supply
In the lettings market, the RICS survey paints a more positive picture, with tenant demand surpassing the available rental properties. This shortage of rental properties is a significant challenge for tenants seeking affordable housing options.
Rental prices on the rise
Given the imbalance between tenant demand and landlord instructions, rental prices are expected to rise further in the coming months. This can pose challenges for tenants looking for affordable rental options.
The RICS Residential Market survey for August 2023 highlights a market under various pressures, including high mortgage rates affecting house prices and strong tenant demand in the lettings market. As one of the leading residential sales and letting agents in Wimbledon and Wimbledon Village, we are committed to assisting both buyers and renters in navigating these challenges. Our team of experienced property professionals is here to provide expert guidance and tailored solutions to meet the unique needs of our clients, we have dedicated departments within the business that can assist you.
For more from the RICS UK Monthly Residential Market survey, you can download and read the full August 2023 report 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. Contact the right department for your needs here.
Regards,
John King, FRICS
By Stephen N.D. Parsons MNAEA
Director of Residential
When negotiating fees to sell your property, it is easy to fall into the trap of thinking that all agents do the same thing and therefore must all be the same, or be worth the same fee.
Finding the right buyer at the best possible price, is indeed a skill and requires determination and the ability to negotiate in a way that sees your client?s interests exceeded, whilst keeping the buyer encouraged that they are buying a property on fair terms, but the sale process does not end there!
The process of delivering a sale from the day it is agreed to the day that contracts exchange, is arguably as important as agreeing the sale price, though its importance is often under estimated or simply not appreciated at the outset of marketing or when agreeing terms with your estate agent.
At andrew scott robertson we have a team of highly experienced sales negotiators that understand the need to set up a sale properly, so that there is firm expectation on the buyer to perform speedily from the outset and not to renege on the originally agreed sale price.
We are delighted to have just exchanged contracts on a wonderful house in Kenilworth Avenue. Both buyer and seller are thrilled with the outcome and an expeditious exchange of contracts with the help of two excellent firms of local solicitors meant that we were able to exchange contracts in fifteen working days from when the sale was agreed!
If you would like to know more about the difference that andrew scott robertson could make to the sale of your property, then please do not hesitate to contact us.