JUNE 12, 2024 | MARC DA SILVA
Confidence in the UK housing market is starting to dip despite recent signs of improvement. According to the latest survey from the Royal Institution of Chartered Surveyors (RICS), the housing market is experiencing a downturn as we approach the upcoming election.
Buyer Demand and Sales Activity
In May, 8% more property professionals reported a decline in home buyer demand rather than an increase. This is the weakest reading since November 2023. The drop in demand was most noticeable in the South East and South West of England. Additionally, the number of agreed sales fell in May. However, there’s a modest expectation that sales volumes will rise slightly over the next three months.
Future Outlook
Despite current challenges, the outlook for the next year remains positive. About 43% of survey participants expect an increase in sales activity, up from 33% in April. This optimism indicates that many in the industry believe the market will rebound.
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Rental Market Trends
The RICS report also highlights a continuing trend in the rental market where demand outstrips supply. A net balance of 35% of professionals observed an increase in tenant demand. This growing gap suggests that rental prices will keep rising, though at a slower rate than before.
With the general election less than a month away, renters are eager to see how each party plans to support them. Labour leads the polls with promises to reform planning rules and build 1.5 million more homes. They also propose giving locals “first dibs” on new developments to prevent sales to international investors. Meanwhile, the Conservatives aim to build 1.6 million homes, despite failing to meet their previous target of 300,000 homes annually over the last four years.
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Conclusion
While confidence in the UK housing market is dipping ahead of the election, the future outlook remains optimistic. For those needing to sell their house quickly, Angel Properties is here to help. Contact us now and simply enter your address at angelproperties.uk to get your free valuation.
External Links:
- Royal Institution of Chartered Surveyors
- Labour Party Housing Policies
- Conservative Party Housing Policies
Original Link: https://www.cityam.com/confidence-in-uk-property-market-starts-to-dip-ahead-of-election/
