Residential sales activity on the rise but supply dwindles

Residential sales activity on the rise but supply dwindles

Homebuyers are returning to the residential market, but face a lack of available purchase options, according to the Royal Institution of Chartered Surveyors' (RICS) latest residential market survey.

Across the country, 10% more respondents reported a rise in residential housing demand than a fall in October, while 23% more observed a rise in prices than a fall.

However, in London there’s a different narrative with 16% more respondents in the capital reporting a fall rather than a rise in prices.

In total, 5% more chartered surveyors saw a rise in sales activity than fall last month.

In the residential letting market, 29% more surveyors reported a rise in enquiries than a fall.

Simon Rubinsohn, RICS chief economist, said: “The dire shortage of available housing across the UK is continuing to push prices upwards, regardless of the uncertainty linked to the ongoing discussions surrounding Brexit.

“We are only weeks away from the Autumn Statement and it will be interesting to see what measures – if any – the chancellor will put in place to increase housing supply and create a more affordable market.”

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