IN BUSINESS
THE housing market across the North West is showing signs of recovery from the immediate reaction to the EU referendum according to a survey.
The Royal Institution Of Chartered Surveyors (RICS) has released its latest UK Residential Market Survey.
During August 28% more agents in the North West reported an increase in buyer enquiries, up from the 21% in July.
A total of 37% also reported an increase in prices, with 15% of respondents expecting prices to rise further over the coming three months.
A RICS spokesman said that prices and sales were expected to rise over the next three and 12 months as activity in the market stabilises and more buyers and vendors return.
The shortage of housing stock in the region has experienced sales decline recently, particularly in the aftermath of the referendum.
But sales volumes stabilised during August and 9% of agents in the North West expect sales to rise over the coming three months, up from 2% back in July.
The RICS spokesman said that many are also confident the sales market will become more active over the next 12 months as more vendors return to the market.
RICS chief economist Simon Rubinsohn said: “There are clear signs that the housing market in the North West is settling down after the initial surprise of the outcome to the EU referendum. Sales expectations are beginning to edge upwards once again, and it’s likely the swift response from the Bank Of England, both in terms of the lowering of the capital buffer and the cut in interest rates, has played a role in helping to support confidence.
“The more assured mood is also reflected in some of the longer term RICS indicators although this in itself could serve to re-ignite ongoing concerns surrounding affordabil- ity, with five year projections for both prices and rents in the latest survey back to their highest level since May.”
Michael Hodson of Ryder & Dutton Estate Agents aadded: “We’ve not seen as many market appraisals in July or August as we have seen in other months, but there’s plenty more sales being agreed and viewings taking place since the EU referendum.