Strong housing market as activity remains higher than first predicted during October
A market report from Royal Institution of Chartered Surveyors (RICS) reveals the UK housing market performed better in October than widely expected. Another strong month of activity looks favourable for the coming season.
However, according to the data, this may not last as the longer-term outlook for sales remains subdued, with the diﬃcult economic backdrop expected to weigh on activity once government furlough scheme and other support are withdrawn early in the new year.
Looking at new buyer enquiries, a net balance of +46% of respondents cited an increase in demand at the headline level during October. This marks the ﬁfth consecutive positive monthly reading, following the lockdown induced slump seen earlier in the year. Although the most recent ﬁgure is a little more modest compared to those posted over the previous four months, it remains consistent with solid momentum behind buyer demand nonetheless.
Jeremy Leaf, a former RICS residential chairman, says: “…the market quietened down a little towards the end of October/early November. However, it has picked up again quite noticeably in the past few days as the prospect of a vaccine has improved. On the ground, we are seeing more buyer and seller determination to get deals done in order for both to take advantage of the stamp duty holiday.”
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