RICS have released their Residential Market Survey for November.
Key Facts:
- New instructions continue to fall
- London market impacted by stamp duty change
- Buyer demand growth moderates
The RICS survey shows prices continuing to rise, which is driven by a shortage of houses coming to the market.
Prices are reported to be rising in all parts of the UK with the South West, East Midlands and East Anglia leading the way in terms of growth.
Buyer demand edged up during November. New buyer enquiries rose across the majority of areas, apart from London and East Anglia – both areas saw a small decline.
Supply
On the supply side new instructions continue to fall for the tenth consecutive month. It is this demand supply imbalance which is causing prices to rise. The downward trend on new instructions is reflected in the level of inventory on the agents books.
Stamp Duty
The change in stamp duty structure in the Autumn statement doesn’t seem to have led to any major changes in sales volumes.
However in certain areas of the UK this seems to have made a positive boost to activity levels. Areas such as Wales, Northern Ireland, some parts of England such as the North, South West and the Midlands.
Positive Outlook
Respondents to the survey in all parts of the UK remain positive on the outlook for sales growth.
In the lettings market demand continues to outpace supply.
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