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Overview of the UK housing market in June: More sales, more instructions and higher house prices, according to RICS

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Overview of the UK housing market in June: More sales, more instructions and higher house prices, according to RICS

The Royal Institution of Chartered Surveyors’ monthly housing report shows that the housing market is doing incredibly well after the EU Referendum, with June sale’s figures been the highest since January 2019!

A rising number of sales, new instructions and stabilised prices, are the main signs supporting the claim that the housing market is successfully overcoming it’s decline from the beginning of the year.

 

In addition, the report reveals that buyers’ interest has significantly increased for the first time in the last three years since EU Referendum has been introduced. As a result, a higher number of agents have already reported that ‘newly agreed sales entered ‘positive territory’.

 

The new instructions numbers are also showing that the sellers’ confidence is back for the first time this year and they are more willing to place their house on market for sale according to RICS.

 

Furthermore, the number of agents that have been reporting price falls, has significantly dropped around the country with the exception of London and the South of England.

 

“The latest data provides further evidence of the sales market settling down,” says Simon Rubinsohn, RICS chief economist.

 

In terms of the rental market, the picture is less optimistic. The RICS’ report has revealed that new legislation concerning private landlords, has led to a significant drop of the available rental properties. Therefore, RICS has predicted that we will witness a faster rise of rental prices than of house prices.

 

“Build to Rent should in time help take up some of the slack in parts of the country but the RICS indicators capturing rent expectations suggests there is no expectation this will be the case anytime soon,” says Rubinsohn.

 

 

If you have been considering selling your property and Brexit was having an impact on your decision, by all means now it’s the perfect time to place your house on the market! At Jameson and Partners, we offer free non-obligatory valuation and advise on your property. You can call and book this in on 0161 341 4445.