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Housing Market Sees Buyers Return

The UK Housing Market sees buyers return as the effect of Brexit wears off. Demand is increasing according to the Royal Instute of Chartered Surveyors. House sales and prices were up compared to the same time last month. It is the first time in seven months that  demand has increased.

Post Brexit fears seemed to have calmed and the property market is settling. RICS are reporting that these findings differ between regions in the UK, some areas remained settled throughout. With a drop in houses being put up for sale and buyer demand increasing there is likely to be a house price increase in the short term.

There is a clear lack of choice of properties available to potential buyers.

In Wales, home buyer demand increased for the second month during September . The report from RICS suggests the property prices will increase over the next 3 months due to the lack of houses currently for sale. The amount of home owners putting their house up for sale fell again, this has been the eight month in the last year.

A dip in buyers in Scotland has been reported, as well as the amount of houses being put up for sale. Surveyors are reporting that the prices remained firm.

The amount of buyer enquiries increased in Northern Ireland for the first time in 6 months. House prices and sales increased and new instructions to sell rose slightly but there are still signs that this is a tight margin.

In London there are reports of a dip in prices albeit only slightly. This could be down to the fact that new Stamp Duty rates have come in to play (affecting the top end of the market especially) and the upheaval caused by the Brexit vote.

Surveyors are projecting that as a whole the UK house prices will increase over the next year.

What are your thoughts on house prices and the housing market?

Further Reading: http://www.rics.org/uk/news/news-insight/press-releases/buyers-slowly-returning-to-the-housing-market/

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