Market is quietening down, say surveyors

The Royal Institution of Chartered Surveyors latest report says the UK housing market began 2021 on a weaker footing, despite the sector being allowed to remain open during the third national lockdown, with surveyors reporting that activity from across the country was down when compared to previous months.

There was also a decline in the number of listings, with 38 per cent of RICS members noting a fall in the number of new properties going onto the market.

However, despite the economic outlook, house prices have been driven up, signalling a significant degree of upward pressure on prices across the UK apart from London. In the lettings market, tenant demand increased in the three months to January while new landlord instructions fell for a second quarter in succession.

Simon Rubinsohn, RICS Chief Economist, said: “The latest RICS survey suggests that despite attempts to keep the housing market open through the latest lockdown, there has been perhaps an inevitable impact on the level of activity in the sector with both enquiries from potential buyers and new instructions slipping back.

“That said, actual transaction numbers will remain firm over the next couple of months reflecting the completion of deals that in many cases were agreed through the back end of last year. The appeal of properties with more room and outside space continues to be strongly evident in the responses to the survey.”