The M.E.C Mortgages residential property review is out now!
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includes guides to property values, stats and more.
Supply still lagging demand
Steady buyer demand and a sixth successive month of net negative new instructions, were the stand out trends in the September UK Residential Market Survey published by the Royal Institution of Chartered Surveyors (RICS).
At the national level, new buyer enquiries had a net balance of zero in September, up from -13% in August. Meanwhile, the recent decline in new listings persisted,with new instructions registering a net balance of -35%.
Simon Rubinsohn, RICS Chief Economist, commented, “The imbalance between demand and supply remains the most striking theme… And feedback from members provides little reason to believe this issue will be resolved anytime soon.”
Following a slight dip caused by the tapering of the Stamp Duty holiday, steadier buyer demand is now causing sales expectations to gain momentum, with 11% more respondents anticipating an increase in sales in the coming three months, up from +6% in August.
Indeed, with over one million homes sold by the end of August – a threshold not usually passed until October – analysts are
suggesting 2021 could see more transactions completed than in any year since the global financial crisis.
Rents surge nationwide
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