The UK housing market is currently experiencing a period of gradual growth, marked by increasing buyer interest and sales activity.
- New buyer enquiries showed a modestly positive trend, continuing a pattern seen over recent months, as reported in the October 2024 RICS Residential Survey.
- Sales volumes have increased steadily, with market indicators suggesting a further rise in activity, although rising bond yields could pose challenges.
- A slight upturn in house prices has been recorded across several regions, indicating a steady gain in momentum in recent months.
- Estate agents and market specialists highlight improving market conditions, despite challenges posed by interest rates and legislative changes.
The UK housing market is witnessing a gradual yet steady growth period, characterised by a notable surge in buyer demand and a rise in sales activities. This development was highlighted in the October 2024 RICS Residential Survey, which indicated persistent modestly positive readings across various activity areas.
According to the survey, new buyer enquiries have maintained a positive trajectory. The net balance for these enquiries registered at 12% in October, slightly decreased from a previous 13%. This data extends a positive trend for the fourth month, illustrating an ongoing but modest rise in demand.
Similarly, sales volumes have shown a promising increase. An aggregate net balance of 9% of respondents reported a rise in sales throughout the latest survey period, a rise from 5% recorded previously. This marks the third consecutive month of positive feedback, hinting at a gradual improvement.
Looking to the future, near-term sales expectations have also risen, with a net balance of 34% in October, up from 22%. Additionally, 6% foresee sales volumes increasing over the next year, although this is a more moderate prediction than the previous month’s 44%.
Market appraisals have grown, suggesting a solid near-term pipeline for property listings. A net balance of 16% reported a rise in house prices, a substantial improvement from prior readings. Regions like Northern Ireland, Scotland, and London have particularly experienced robust price growth.
Experts like Jeremy Leaf highlight the impact of interest rates and stock levels on market dynamics. Many first-time buyers are capitalising on the withdrawal of investors following Stamp Duty changes. Similarly, Tomer Aboody noted the endurance of positive enquiry and transaction trends, forecasting a potentially strong year-end.
The UK housing market is gradually growing, with positive outlooks tempered by economic factors.
