UK Residential Market Survey August 2024 [Electronic resource]
Language: English Series: RICS UK Residential Market SurveyPublication details: London, Royal Institution of Chartered Surveyors, September 2024Description: 18pSubject(s): Online resources: Summary: The August 2024 RICS Residential Survey results show an improvement in sales market activity over the month, supported by the recent (modest) softening in mortgage interest rates. Moreover, respondents foresee the market gradually gaining further impetus moving forward, even if the near-term outlook for monetary policy remains relatively tight compared to much of the post global fi nancial crisis era. At the aggregate level, a net balance of +15% of survey participants noted an increase in new buyer enquiries during August (up from a fi gure of +4% beforehand). What’s more, this marks the most positive reading for the demand series since October 2021, although it should be emphasised that this pick-up is coming from a low base. Meanwhile, the newly agreed sales indicator posted a net balance reading of +6%, modestly higher than the fi gure of -1% seen last time. Going forward, contributors anticipate the recent uptick in demand to translate into a more meaningful increase in sales volumes over the coming three months, evidenced by the near-term sales expectations measure recording a net balance of +37%.| Item type | Current library | Call number | Status | Date due | Barcode | |
|---|---|---|---|---|---|---|
| Online material | Virtual Online | PROPERTY MARKET DATA (Browse shelf(Opens below)) | Available |
The August 2024 RICS Residential Survey results
show an improvement in sales market activity
over the month, supported by the recent (modest)
softening in mortgage interest rates. Moreover,
respondents foresee the market gradually gaining
further impetus moving forward, even if the
near-term outlook for monetary policy remains
relatively tight compared to much of the post
global fi nancial crisis era.
At the aggregate level, a net balance of +15% of
survey participants noted an increase in new
buyer enquiries during August (up from a fi gure
of +4% beforehand). What’s more, this marks the
most positive reading for the demand series since
October 2021, although it should be emphasised
that this pick-up is coming from a low base.
Meanwhile, the newly agreed sales indicator
posted a net balance reading of +6%, modestly
higher than the fi gure of -1% seen last time. Going
forward, contributors anticipate the recent uptick
in demand to translate into a more meaningful
increase in sales volumes over the coming
three months, evidenced by the near-term sales
expectations measure recording a net balance of
+37%.