OCTOBER 2016: UK RESIDENTIAL MARKET SURVEY MODEST IMPROVEMENT WITH CONFIDENCE GRADUALLY RECOVERING
The October RICS Residential Market Survey shows new buyer enquires increase modestly for the second consecutive month while new instructions remained broadly flat. Near term price expectations increased slightly but still point to very limited growth over the months to come.
Agreed sales rose very modestly. Expectations for the months to come have improved slightly. Indeed, across all areas of the UK, more respondents expect transaction levels to rise rather than fall over the coming three months.
At the national level, just over one third of the contributors think that their local markets are over-priced, to some degree, relative to economic fundamentals.
The local market generally reflects the above, and replicating September, there was a shortage of new instructions and sales are being negotiated at strong prices provided realistic pricing.
Please do not hesitate to contact me should you wish to discuss any matter regarding the marketing of your property. Oliver Miles FRICS RICS Registered Valuer