Latest RICS UK Residential Market Survey published 12th July 2018 headlined ‘UK housing sales remain subdued as rent expectations continue to heat up’.
The RICS survey reveals that: significantly, over the month, newly agreed sales have recorded the sixteenth successive month of continued decline, with 7% more respondents reporting a fall in agreed sales.
The survey states: For the second month in a row, new instructions have risen, with 10% more respondents seeing an increase in the flow of properties being put up for sale. However, with average stocks remaining close to historic lows at 43 it would be too early to suggest that this issue is lessening as an obstacle.
Simon Rubinsohn, RICS Chief Economist said:
“It is hard to see what is going to provide much impetus for activity in the housing market in the near term. Meanwhile the on-going challenges around lifting the delivery pipeline, reflected in last week’s disappointing data on housing starts, is captured in the suspicion in the survey that prices are likely to resume an upward course over the coming year. The challenge is also visible in the response of the private lettings market to change to the tax treatment on investment properties. While it is understandable that the government wanted to provide a lift for first time buyers, this may well come at the cost of higher rents as the appeal of buy to let diminishes.”
Read the latest RICS UK Residential Market Survey 12th July 2018 in full click here