RICS have just released their Residential Market Survey for June.
- Buyer enquiries increase moderately and across the majority of areas
- Price momentum continues to rise and expectations strengthen
- New instructions remain in short supply with respondents seeing a slight fall over the month
The June market survey shows an acceleration in price growth.
In the majority of areas prices are reported to be rising, particularly Northern Ireland and East Anglia. Theres been a modest demand increase across the UK yet another decrease in new instructions.
Supply of new stock decreased again in June. Costs such as stamp duty are making it more appealing to renovate rather than move. Despite this lack of supply the RICS Agreed Sales Balance showed a further marginal increase in transactions in June.
Respondents to the survey expected an increase in prices at the three and the twelve month horizon. 41% of contributors evisage prices rising by 3% in the next year and thereafter 4.8% per annum in the coming 5 years.
In the lettings market demand continues to rise but at a more moderate pace. Respondents expect rental values to rise by 3% in the next 12 months and 4.8% over each of the next 5 years.
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