Blog
RICS on Reasons to be Cheerful
Thursday, February 13, 2020
For the first time in many months, RICS (Royal Institution of Chartered Surveyors) has issued news of reasons to be cheerful as key stats in the property market such as buyer enquiries, sales and new instructions all showed increases for estate agents over the past month. The stats accompany the message that nationwide house prices have started to rise again underpinned by marked improvement in London and the South East.
Nationally the number of homes being listed for sale increased in January along with an increase in new buyer enquiries and numbers of sales agreed sales rose according to the RICS survey feedback. RICS also reports that the level of property valuations undertaken in January was higher than a year ago – an indication of likely forthcoming activity.
“The latest survey results point to a continued improvement in market sentiment over the month, building on a noticeable pick-up in the immediate aftermath of the General Election” explains Simon Rubinsohn, RICS’ chief economist. “The rise in new sales instructions coming onto the market is a noteworthy and much-needed development, given the lack of fresh listings over the past few years had pushed stock levels to record lows” he continues. “It remains to be seen how long this new found market momentum is sustained for, and political uncertainty may resurface towards the end of the year. But, at this point … contributors are optimistic regarding the outlook for activity over the next 12 months.”
