Survey shows buoyant sales grow for third month in row
Latest figures released by the Royal Institution of Chartered Surveyors reveals last month enjoyed further heightened activity in the housing market with inquiries, sales and new instructions all continuing to perform strongly.
Some 63 per cent of respondents to the August RICS UK Residential Survey revealed that they saw a rise in buyer interest over the month.
As buyer enquiries continued to rise, new instructions also saw a jump, with a headline net balance of +46 per cent of survey participants noted an increase in vendors listing property to sell.
As a result, strong growth in agreed sales was cited for the third month on the bounce, with 61 per cent of contributors seeing a pick-up.
Looking ahead, near term sales expectations remain positive.
The survey feedback also revealed a sharp acceleration in house price inflation.
At the national level, a net balance of +44 per cent of respondents reported an increase in prices, the strongest reading for four years.
This is up from a net balance of +13 per cent in July and marks a dramatic turnaround compared to the -33 per cent reading registered in May.
What’s more, virtually all parts of the UK are now seeing prices increase. The only exception is London, where prices are cited to have remained more or less flat over the past two months.
The pandemic is expected to cause a lasting shift in the desirability of certain property characteristics as 83 per cent of respondents anticipate demand increasing for homes with gardens over the next two years, 79 per cent predict rising demand for those properties near green space, while 68 per cent foresee a rise in the desirability of properties with private outside space.