UK housing market downturn eased a little in June, RICS reports
Welsh surveyors expect 15% more sales and 10% higher prices in the third quarter, despite subdued June activity and tighter supply.
- The Royal Institution of Chartered Surveyors reported key housing market indicators moved in a less negative direction for a second consecutive month, suggesting the worst of the slowdown may be beginning to pass.
- A net balance of 33% of professionals reported house prices falling, edging down from 35% reported previously, while newly-agreed sales were less subdued with a net decrease of 32% compared with 35% previously.
- New buyer inquiries were the least negative since February, though the supply of homes tightening remains a challenge, as a net balance of 23% of professionals saw new instructions to sell fall.
- Tenant demand picked up with a net balance of 18%, while Landlord instructions remained negative at 18%, pointing to supply constraints and projected rental growth of around 2.5% over the next 12 months.
- Rics cautioned this nascent improvement remains fragile amid political uncertainty and inflation, with only 8% of professionals expecting prices to rise and 1% expecting sales to increase over the next 12 months.
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Welsh surveyors expect house sales and prices to rise this summer
The number of new homes coming onto the housing market in Wales and the number of potential buyers looking to purchase fell through June, according to the latest Royal Institution of Chartered Surveyors (RICS) Residential Market Survey, but Welsh surveyors are more optimistic about the outlook over the next few months. A net balance of -35% of respondents in Wales reported that new instructions to sell had fallen in the most recent survey. Deman…
UK housing market downturn eased a little in June, RICS reports
The downturn in Britain's housing market abated slightly last month, although sentiment remains fragile and prone to uncertainty, a survey from the Royal Institution of Chartered Surveyors (RICS) showed on Thursday.
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