Britons have been told that house sales are likely to bounce upwards in the months ahead. Property experts foresee an increase in sales happening over the year.
The Royal Institution of Chartered Surveyors (Rics) shared that there was a steady improvement in sentiment in March, with home buyer demand and the supply of available properties increasing.
Surveyors at Rics revealed that a net balance of eight per cent of property professionals reported seeing inquiries from new buyers rising in March. They said that this was the most positive result since February 2022.
New property listings increased for the fourth consecutive month. A net balance of 13 per cent of professionals shared that there was a pick-up in new instructions to sell in March.
Property professionals reported seeing the number of inquiries from new buyers rising rather than falling in March
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In the upcoming three months, a net balance of 13 per cent of professionals expect house sales to increase.
Over the next year, a balance of 46 per cent are expecting to see a jump in sales.
However, elevated mortgage rates mean that housing market activity acceleration “will still be relatively limited”.
In good news for Britons thinking of buying a property, house prices appear to be stabilising.
Indeed, a net balance of four per cent of professionals found that prices fell in March.
However, in September, a much larger figure of 67 per cent of professionals who saw prices falling rather than rising back in September 2023.
As for the renting market, supply appears to have dwindled as demand from tenants continues to rise, while landlord instructions falls.
A net balance of 34 per cent – just over a third – of professionals predict that rental prices will rise in the upcoming three months.
This happens against the backdrop of Britons struggling to manage rent costs.
Recent research by the Financial Conduct Authority (FCA) found that 50 per cent of renters reported not coping financially or finding it difficult to cope in January.
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House prices appear to be stabilising.
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62 per cent of renters in the research had seen rent increases in the last year.
Senior economist at Rics, Tarrant Parsons, commented: “Demand continues to recover gradually across the UK housing market, with new buyer inquiries rising for a third month in succession according to the latest survey feedback.
“With the inflation backdrop turning a little less difficult of late, this has led to expectations that the Bank of England will be able to start lowering interest rates later in the year. This should continue to support the market to a certain degree going forward.
“In keeping with this, near-term sales expectations point to an improving outlook, albeit the scope for an acceleration in activity will still be relatively limited given mortgage rates are set to remain much higher than in 2020/21.”
In other property news, Britons looking to sell in 2024 can add value to their home with a “low-cost” cleaning job that “impresses potential buyers”.
