Sunday, May 29, 2022

UK residential property market recovers after three years’ slump

Interest from house buyers has increased after a gap of three years, say surveyors

For the first time in almost three years interest from house buyers has increased, surveyors have said.

The appetite for buying a home has picked up for the first time since the Brexit process started in earnest three years ago.

That’s according to the Royal Institution of Surveyors (Rics), whose members reported an increase in interest from new buyers in June.

This is the first time since November 2016 where contributors have reported a modest rise in the appetite from potential purchasers to acquire property at the national level, the report reads.

And it’s not just buyers returning – there’s also been an increase in the number of homes for sale.

Rics reported positive growth in properties being listed for the first time in a year. But that doesn’t mean there is going to be a return to a fast-rising, fast-moving property market of a few years back.

Rics chief economist Simon Rubinsohn said that he doesn’t get the impression from the insight provided by contributors that this is fuelling hope of a significantly more active market going forward. Many of the factors that have provided a challenge during the first half of the year remain unresolved.

James Chidgey, from the Mortgage Advice Bureau said, it seems that increased numbers of Rics members are slightly more optimistic than in previous months. However, it would appear that this is counterbalanced by an ongoing shortage of stock in some areas, although there have been some positive movements on this score in some regions.

Chidgey said that clearly, lack of choice hampers motivated buyers and discourages discretionary movers from entering the market, so against the current backdrop an increase in supply will be seen as welcome news by many.

He said, that said, the movements observed in June are modest and it’s early days; it is to be seen if this trend continues over the next few months before it can be conclusively said that the market has really turned a corner.


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