In October, the Royal institute of Charted Surveyors UK Residential Market Survey continues to plummet dramatically as results show negative readings regarding new buyer inquiries, new instructions and agreed sales. Sales are expected to increase gradually over the next three months, anticipating a stable trend and indicating a possible change in post-election. Recently, new buyers have collapsed for the second month in a row, rapidly declining showing a net balance of –16% as predicted by respondents. Furthermore, Contributors have noted a marginal increase as new sales start to slip; in different areas of the UK, sales have decreased showing negative effects except from Northern Ireland.
Fast forwarding ahead, the sales outlook appears less pessimistic after three months, over the twelve months, expectations has improved dramatically having the highest reading in nine months, with the net balance reaching 23%. Housing supply continues to be a severe problem within the UK, respondents claim that instructions diminished for the fourth consecutive month at a national level.
This decrease was reflected across the UK because the net balance declined to -49%, survey participants have reported an annual decline which was in the level of market appraisals. This was the most negative results ever since 2017, but over twelve months, prices should increase. North West England, Northern Ireland, Scotland and Wales demonstrate strong expectations for price growth of houses over the coming year.
About Stuart Mosley
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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