The overall results point to an improved outlook for housing market activity going forward.
There has been a slight easing of mortgage rates recently, causing near-term sales expectations to edge into positive territory. This is the first positive net balance reading since early 2022, with a +6% projected for the next 3 months.
When it comes to the twelve-month sales expectations, there’s a much more positive sentiment. A net balance of +24% of respondents believe there will be an improvement in sales activity. This is the most optimistic view of this measure since January 2022.
Some other metrics remain in the negative zone, such as new buyer enquiries, which registered at -14 %. However, this is the least negative outlook since April 2022, signalling a comparative upturn in sentiment.
Experts also seem to be more positive about other aspects of the property market. While the activity levels remain subdued, the downward trend in sales volumes seems to be easing.
In terms of the lettings market, tenant demand keeps rising, as suggested by the net balance of +20%. Rents are projected to increase by nearly 4% at the headline level over the next year.
