The RICS UK Housing Market Survey for November indicates some very interesting signs of some improvements in the housing market. Key highlights are:
- Three consecutive months of positive buyer enquires – the first since spring 2010
- Fresh demand and supply continue at broadly similar levels
- 3/5 of respondents are seeing a flat trend to property prices
However although there are some fresh shoots of activity as we head into the Christmas break, the overall net price balance from the RICS Survey is still negative at -17, meaning 17% more surveyors saw a fall rather than a rise.
Yet this is an increase over last months net price balance of -24 and nearly three fifths of respondents saw no change over the month. Furthermore of those seeing a fall, the vast majority saw this is the lower band of 0 to 2%.
The new buyer enquiries net balance also showed some positive signs with its third consecutive monthly increase, the first – albeit modest – increase of this nature since spring 2010.
New instructions also saw an upwards push to a level of 10 – the best since April 2011.
On the flip side new demand also pretty much ran in-line – hence a pretty much stable pricing picture from surveyors.
London continues is ongoing lead over the regional figures and is still the only area that is recording positive price balance for both now and price predictions. The net price balance in London was 30, i.e. 30% surveyors seeing and increase rather than a fall.
Elsewhere across the country the North West was the 2nd in the table and that only managed a net balance of -23.
The bottom of the regional table was Yorkshire & Humberside with -47 and the South West with -44.