Sales activity in the UK residential market is increasing, but a slow start to 2017 is expected due to a lack of stock.
The RICS UK Residential Market Survey published on 8 December suggests a slow recovery in housing sales for the start of 2017. It predicts that the sales activity is likely to pick up but at a rather modest pace. The housing market will continue to be impacted by the macro-uncertainty, the ongoing supply shortfall and the most recent tax changes.
RICS UK Residential Market Survey November ’16 Sales main points:
- Interest from new buyers increases marginally for the third consecutive month
- Activity moves up but figures are consistent with only modest increase in near-term transactions
- Supply chain continues to stagnate with no increase in supply for the ninth consecutive month
RICS UK Residential Market Survey November ’16 Lettings main points:
- Tenant demand rose only marginally, and the new landlord instructions fell slightly.
- Tenant demand continues to outpace supply across most of the UK areas and rents are expected to continue to rise.
- However, surveyors in London report a decline in tenant demand and rent expectations in negative territory for the fifth consecutive month.
RICS UK Residential Market Survey November 2016 in full click here.
