The buyer demand for homes has increased moderately in October in the UK, according to the UK Residential Market Survey conducted by the Royal Institution of Chartered Surveyors (RICS). For the second consecutive month, the new buyer inquiries have increased, indicating a positive sentiment in the UK property market.
As per the survey, 10 per cent of the respondents of the survey indicated a growth in the number of inquiries in October. While many of the regions in the UK saw growth in demand, Northern Ireland witnessed the strongest growth, according to the survey.
The near-term expectations for growth in prices cover all the regions, including London, one of the top property markets in the world.
In the Lettings market, the demand for rented properties increased in the last quarter up to October. The demand for new properties has outstripped the supply in all parts of the UK. About 34 per cent of the respondents expected rents to rise nationally over the next three months.
The findings indicate that the property market in the UK is gradually bouncing back after a dip in the middle of the year in the wake of the UK exiting from the European Union. If you are interested in investing in the UK property market, connect with our property experts by calling Strawberry Star offices.
Across the UK, interest from prospective homebuyers increased for the second consecutive month with 10% more respondents reporting a rise in demand from buyers