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 […]
Category archives: Residential Property Review
Residential Property Review – November 2022
More Stamp Duty changes in Autumn Statement Chancellor Jeremy Hunt’s Autumn Statement on 17 November left housing out of the limelight, though it did include a commitment to keep the Stamp Duty Land Tax (SDLT) changes announced in the ‘mini-budget’ – for now. In September, then-Chancellor Kwasi Kwarteng increased the nil-rate threshold of SDLT to […]
Residential Market Review – October 2022
Mortgage turmoil shakes housing market A turbulent economic and political month has dramatically altered the outlook for the UK housing market. The government’s ‘mini-budget’, announced on 23rd September, caused interest rate expectations to soar, which led to lenders rapidly withdrawing products. A third of mortgage deals disappeared overnight on 27th September; within a fortnight, 43% […]
Residential Property Review – September 2022
Strong monthly transactions but slowing activity ahead Latest data from the UK housing market presents a mixed picture, with dwindling demand and limited supply contrasting markedly with strong transaction figures. Homebuyer demand remains above average, Zoopla pointed out. Yet analysts expect demand to weaken in coming months as more households feel the cost-of-living squeeze, a […]
Residential Property Review – August 2022
Slowing market as demand dips again The UK residential market continues to slow at a steady pace, the latest Royal Institution of Chartered Surveyors (RICS) Residential Survey and Savills’ Housing Market Update both indicate, as demand wanes and supply remains low. New buyer enquiries fell for a third consecutive month in July, the RICS report […]
Residential Property Review – July 2022
Cooling demand slows sales Demand is cooling in the UK housing market, according to the latest Residential Market Survey published by the Royal Institution of Chartered Surveyors (RICS). New buyer enquiries slipped to a net balance of -27% in June, a significant drop from the -9% recorded a month earlier. Net buyer enquiries had fallen […]
Residential Property Review – June 2022
UK housing market – busy but slowing Following two frenetic years, UK housing market activity remains strong, despite some signs of a slowdown beginning to emerge. In April 2022, sales agreed were 18% higher than the month’s pre-pandemic average, according to TwentyCi. Completions too remained 13% above the 2017-19 rate. First-time buyers (FTBs) continue to […]
Residential Property Review – May 2022
Three key Queen’s Speech commitments Housing featured prominently in the Queen’s Speech on 10 May, with social housing, rental reform and leasehold reform all part of the government’s priorities in the coming twelve months. Of the 38 legislative announcements, there were three significant ones relating to housing: the Social Housing Regulation Bill, the Renters’ Reform […]
Residential Property Review – April 2022
Supply shortages fail to blunt sales Low availability is once again the key trend in the UK housing market, even as stock levels edge upwards and sales remain strong. In March, estate agents reported a 3.5% monthly rise in the level of stock on their books, according to Zoopla. Moreover, the number of homes coming […]
Residential Property Review – March 2022
Sales up as demand stays strong 2022 has picked up where 2021 left off, with near-record demand leading to the busiest January and February since 2016, according to Zoopla. Sales agreed in February were 31% above the 2017-19 average for the month, according to TwentyCi, matching levels last seen at the start of 2021. Meanwhile, […]