Every month the Royal Institution of Chartered Surveyors (RICS) releases its UK Residential Market Survey, providing valuable insights into the current state of the housing market nationwide.
This blog post is bought to you by our Chairman & Managing Director, John King, FRICS, who offers valuable insights from his experience here at andrew scott robertson in Wimbledon Village. He actively contributes his comments to the monthly survey for the London region.
KEY OUTTAKES FROM THE FULL RICS RESIDENTIAL MARKET SURVEY FOLLOWING END OF JUNE RESULTS 2024
House Prices
Overall, house prices in South London are stabilising, with expectations that interest rates reductions will lead to a rise in values over the next twelve months.
New Instructions
New instructions slowed in June, as many homeowners focused on the pending outcome of the government election.
However, since the announcement changes to the current legislation on lettings will follow shortly. This will lead to some landlords selling their investments with vacant possession when given the opportunity, as increases in capital values picks up later this year it will be seen as a more attractive option.
The outcome of all of this will lead to fewer properties being made available to rent when it does happen.
New Buyer Enquiries
New buyer enquiries tailed off as fewer properties came to the market. Once again with the election, it brought about a wait and see attitude as early signs of an interest rate reduction immediately fade.
Agreed Sales
Newly agreed sales following reductions on asking prices showed increased optimism.
The pace of the market is still unpredictable to gauge but with us we are seeing an offer from every six viewings compared to one in ten over previous months.
Lettings Market
The lettings market remains consistent with similar tenant registrations month on month. Tenants are challenging asking rents more often on renewals and new lettings. This has meant that landlords and agents have had to raise their standards of the accommodation and service to attract the best tenants.
For more from the RICS UK Monthly Residential Market survey, you can download and read more 2023/2024 reports here:ย https://www.rics.org/news-insights/market-surveys/uk-residential-market-survey
Please feel free to reach out to us for personalised advice and assistance in this ever-evolving residential market.ย Find the right team for your needs here.
Regards,
John King,ย FRICS
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Every month the Royal Institution of Chartered Surveyors (RICS) releases its UK Residential Market Survey, providing valuable insights into the current state of the housing market nationwide.
This blog post is bought to you by our Chairman & Managing Director, John King, FRICS, who offers valuable insights from his experience here at andrew scott robertson in Wimbledon and South West London. He actively contributes his comments to the monthly survey for the London region.
KEY OUT TAKES FROM THE FULL RICS RESIDENTIAL MARKET SURVEY FOLLOWING END OF MAY RESULTS 2024
Residential Sales Market Insights
House prices
While there have been some reductions in asking prices due to a slowdown in viewings, confidence is returning to the market. This is driven by a reduction in the rate of inflation and stabilising mortgage rates, which are expected to strengthenย market appeal in the coming months should we see as anticipated a reduction in the bank base rate.
New instructions
New sales instructions have increased for six consecutive months, indicating growing confidence among sellers. Market appraisals and listings have picked up, with a notable increase in new registrations in Wimbledon and surround.
New buyer enquiries
In London, we have experienced hesitancy due to the upcoming general election, With an anticipated reduction in interest rates this we expect will help encourage buyers
Agreed sales
The slowdown in the number of sales agreed in May bounced back in early Juneย An increase in sales instructions has helped improve buyer confidence and this ย points to a potential higher sales activity over the coming months and beyond the election.
Lettings market
Tenant demand regained momentum, with rental prices having stalled while some increases have been at a more modest pace. Landlord instructions are stabilising, marking a shift from previous declines. The resilience in tenant demand highlights the continued strength and attractiveness of the rental market to investors.
For more from the RICS UK Monthly Residential Market survey, you can download and read more 2023/2024 reports here:ย https://www.rics.org/news-insights/market-surveys/uk-residential-market-survey
Please feel free to reach out to us for personalised advice and assistance in this ever-evolving residential market.ย Find the right team for your needs here.
Regards,
John King,ย FRICS