Residential Property Review – September 2023 

Economic uncertainty weighs on the residential market  The most recent UK Housing Market Update from Savills has highlighted that buyers’ budgets continue to be impacted by higher mortgage rates, and although inflation has begun to move lower, core inflation remains ‘unexpectedly sticky.’   During July, with completed sales reducing by 18% on the 2017-19 average, market […]

Residential Property Review – August 2023 

Demand down but activity remains robust  The residential sales market experienced further negative indicators in July, according to the latest UK Residential Survey by the Royal Institution of Chartered Surveyors (RICS), with new buyer enquiries and agreed sales volumes continuing their decline.  At the national level, new buyer enquiries recorded a net balance of -45% […]

Residential Property Review – July 2023 

RICS survey shows demand falling    Activity in the residential sales market deteriorated in June, according to the latest UK Residential Survey by the Royal Institution of Chartered Surveyors (RICS), with negative net balance readings returned across many indicators.  New buyer enquiries fell to a net balance of -45%, compared to -20% recorded in May, the […]

Residential Property Review – March 2023

Spring Budget – ‘trailblazer’ deals announced In the Spring Budget on 15 March, as part of the Levelling Up White Paper, Chancellor Jeremy Hunt announced ‘trailblazer’ deals giving new and deeper devolution powers to local leaders in the Greater Manchester and West Midlands Combined Authorities. For the first time outside of London, local leaders will […]

Residential Property Review – January 2023

Housing market slowing but far from stopped Supply and demand both fell in November 2022, according to the latest UK Residential Survey from the Royal Institute of Chartered Surveyors (RICS), though sales completions remained high for the month. Transactions rose by 2.9% in November, although this is likely to include many mortgage agreements from before […]

Residential Property Review – December 2022

Demand drops amid economic uncertainty Activity is weakening across the sales market, according to the latest UK Residential Survey from the Royal Institute of Chartered Surveyors (RICS), which points to a challenging year ahead. The headline net balance for new buyer enquiries was -38% in November, a seventh successive negative monthly reading. Similarly, new sales […]