The RICS Residential Market Survey for August 2013 reports a buoyant view to future prices expectations with strengthening in sales market indicators.
The RICS Residential Market Survey for August 2013 reports a buoyant view to future prices expectations with strengthening in sales market indicators.
Although London continues to do well, momentum has increased broadly across the whole country – with increases in prices, buyer enquiries, new vendor instructions and sales.
The average sale per surveyor has increased to 17.9 in August – the highest since January 2010. Due to increases in the average stock per surveyor, the sales to stock ratio has actually remained unchanged.
The Prices Balance across the country is now expected, from the respondents, to increase across the whole country by 2.2% over the coming year and 4.4% is each of the next 5 years.
Regionally the national ex-London price balance actually unchanged at +34 – meaning 34% more surveyors are seeing price increases that price decreases. The outperforming London market has helped the headline reading to be up at +40.
In the rental market, the picture remains broadly unchanged from last month at the headline level. Tenant demand and new landlord instructions are both continuing to increase, with the former outstripping the latter, in turn pushing rent expectations higher. Indeed, respondents to the survey now expect rents across the whole of the country, on average, to increase by 1.9% over the coming year and by 4.3% in each of the next five years. These figures are slightly up compared to the end of last year, but not by much.
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