The RICS Residential Survey for October has signalled a further improvement in the UK property market as buyer activity picks up and first-time buyers rush to beat the changes in stamp duty announced by Labour in the recent budget.
The RICS Residential Survey compiles the views of Chartered Surveyors who operate in the residential sales and lettings markets. They are asked how they feel house prices will perform over set periods and general questions about underlying housing activity.
Respondents reported positive developments in new buyer enquiries, agreed sales and sellers seeking to sell their homes. This uptick in activity was underpinned by a positive assessment of how prices will increase over the coming months.
Emma Cox, MD of Real Estate at Shawbrook, explained that “Despite uncertainty in the run up to the Budget, optimism continued to encourage new buyer enquiries and sales figures to grow in October as aspiring and current homeowners look to tie up transactions before the end of the year. With the stamp duty relief for first time buyers not being extended into the new tax year in the Autumn Budget, we can expect this to continue with first time buyers keen to complete prior to the end of March.”
“The new Government has reiterated the importance of a healthy property sector and there continues to be a clear need for a professional private rental sector in the UK. Therefore, we hope to see the Government working with professional landlords to support them to invest in their properties in order to continue to offer quality, energy efficient accommodation for our nation’s private renters.”