UK Residential Market Survey [Electronic resource] October 2024
UK Residential Market Survey October 2024 [Electronic resource]
- London, Royal Institution of Chartered Surveyors, November 2024
- 17p
- RICS UK Residential Market Survey .
The October 2024 RICS Residential Survey results
continue to signal an improving market backdrop,
evidenced by modestly positive readings once
again being returned across all headline measures
of activity. Furthermore, forward-looking indicators
remain consistent with a further pick-up in sales
volumes over near-term, although the rise in
bond yields in recent weeks is likely to present
something of a headwind as it feeds through into
general lending conditions. Unfortunately, the chasm between the supply of properties available for let and rising public demand continues to expand. A net balance of +19% reported increasing tenant demand over the three months to October. At the same time, landlord instructions, which is the metric measuring landlords making their property available for rent, fell over the same timeframe. This is evidenced by a net balance reading of -29%, which is its weakest reading since the end of 2021. Unsurprisingly, a net balance of +33% of respondents expects rental prices to be driven higher over the coming three months, due to this mismatch between supply and demand.
HOUSING MARKET
RESIDENTIAL PROPERTY
United Kingdom
The October 2024 RICS Residential Survey results
continue to signal an improving market backdrop,
evidenced by modestly positive readings once
again being returned across all headline measures
of activity. Furthermore, forward-looking indicators
remain consistent with a further pick-up in sales
volumes over near-term, although the rise in
bond yields in recent weeks is likely to present
something of a headwind as it feeds through into
general lending conditions. Unfortunately, the chasm between the supply of properties available for let and rising public demand continues to expand. A net balance of +19% reported increasing tenant demand over the three months to October. At the same time, landlord instructions, which is the metric measuring landlords making their property available for rent, fell over the same timeframe. This is evidenced by a net balance reading of -29%, which is its weakest reading since the end of 2021. Unsurprisingly, a net balance of +33% of respondents expects rental prices to be driven higher over the coming three months, due to this mismatch between supply and demand.
HOUSING MARKET
RESIDENTIAL PROPERTY
United Kingdom