UK Housing market saw a stable trend in new instructions in May according to RICS
Latest RICS Residential Market Survey report for May 2018 headlines ‘Residential sales flat in May.’
The survey has shown a few signs of life as houses start to come back on to the market, but overall activity has remained flat and is looking unlikely to gain any impetus in the near term.
The report reveals that the number of homes coming on to the housing market turns positive for the first time since 2016, the UK housing market saw a stable trend in new instructions in May, with the headline indicator turning positive for the first time in more than two years (27 months).
Buyer demand continues to decline at a headline level but to a lesser extent than at the start of 2018, however the regional picture is still incredibly mixed according to RICS.
Simon Rubinshn RICS Chief Economist said:
“Although agents are suggesting that a little more supply may have come onto the market in May, some of it from the Buy to Let sector, inventory levels still remain near historic lows. Indeed, with the run rate on appraisals continuing to track below the numbers of a year ago it is premature to conclude that a sustained upturn in available stock is imminent.
“Against this backdrop, it is likely that the headline picture regarding activity in the housing market will remain subdued for some months to come. This is reflected in the feedback to the latest survey which shows sales expectations only marginally positive on a one-year view.”
Read the latest RICS Residential Market Survey report for May 2018 in full click here.