RICS: Sales volumes expected to recover further over the coming months

According to The January 2024 RICS UK Residential Survey, results show that Homebuyer and Seller activity has started to improve “Across all sales market activity indicators”.

New buyer enquiries rose by 7% in January from a fall of 3% in December and has continued to grow to levels not seen since February 2022, with the increased demand largely believed to be spurred on by the recent drop mortgage interest rates, as expectations of future interest rate cuts by the Bank of England, RICS  said.

Tarrant Parsons, RICS Senior Economist, says: “The UK housing market has seen a continued improvement in buyer activity through the early part of the year, supported by the recent easing in mortgage interest rates.

“Although sales volumes through much of the year ahead are likely to remain relatively subdued compared to the longer-term average, the outlook has now turned modestly brighter on a consistent basis over the past few survey reports.”

“This is not to say that mortgage affordability isn’t still a significant challenge and any further unwelcome surprises with regards to inflation may still cause interest rate expectations to be revised.” Adding “That would then pose a significant risk to any prospective recovery in the months ahead, even if the current prognosis is for the market to see a further pick-up in activity levels.”

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