The Royal Institution of Chartered Surveyors (RICS) has said that the sales activity in the UK residential market is increasing gradually. According to its latest survey, the interest from new home buyers increased marginally for the third consecutive month.
It is observed that 13 per cent more surveyors told the RICS that there is a rise in new buyer enquiries during November. The demand has increased in most parts of the UK leading to a further rise in agreed sales. Similarly, 9 per cent more respondents across the country reported a growth in activity over the month. This is the highest reading since February, the survey revealed.
The RICS said the demand for housing continues in the wake of poor supply of homes to the market. “Anecdotal comments suggest that many respondents expect the beginning of 2017 to be quiet reflecting the lack of fresh properties coming to market,” the RICS said and cautioned the implications of poor stock on the housing sector next year.
As stock continued to dwindle, the headline RICS price balance rose to 30%, the highest reading since April. Besides, it also said that most of the UK was seeing an increase in prices. For the second consecutive month, the strongest growth was reported in the West Midlands and North West of England.
Sales activity in the UK residential market is increasing, but a slow start to 2017 is expected due to a lack of stock