RICS UK Residential Market Survey Summary – September 2024
Key Findings
The September 2024 RICS Residential Survey results indicate a sustained improvement in market activity, with positive readings for demand, sales, and new listings. A net balance of +14% of respondents reported an increase in new buyer enquiries. The agreed sales measure showed a net balance of +5% in September, indicating a modest growth in sales volumes. A net balance of +23% of survey participants expect sales volumes to rise over the coming three months, and +44% expect an increase over the year ahead.
The quantity of new listings has increased, with a net balance of +22% of contributors seeing a rise in new instructions to sell. The survey’s headline measure for house prices returned a net balance reading of +11% in September, indicating a rise in house prices at the national level. Respondents anticipate that house prices will continue to edge higher over the coming three months (net balance +12%) and over the next twelve months (net balance +54%).
In the lettings market, tenant demand continues to rise, with a net balance of +22% of respondents reporting an increase in September. However, the volume of landlord instructions coming onto the market shows little sign of increasing, with the latest net balance slipping to -29%.
The Methodology
The RICS Residential Market Survey is a monthly sentiment survey of Chartered Surveyors who operate in the residential sales and lettings markets. The survey covers England and Wales, with data for Scotland and Northern Ireland also collected but not included in the ‘headline’ readings. The survey asks a series of questions about average prices, new buyer enquiries, new vendor instructions, agreed sales, and price and sales expectations over the next 3, 12, and 5 years. The data is presented as a net balance, which measures the breadth of price falls or rises, rather than the magnitude.
UK Residential Market Survey – A News Article from World of Auctions for investors
In the latest UK Residential Market Survey for September 2024, the property market has shown a promising upturn, with positive trends in demand, sales, and new listings. This is excellent news for property investors looking for new opportunities.
The survey, conducted by the Royal Institution of Chartered Surveyors (RICS), reported a net balance of +14% of respondents seeing an increase in new buyer enquiries. This suggests a growing interest in the property market, which could lead to higher sales volumes in the future.
Indeed, the agreed sales measure for September showed a net balance of +5%, indicating a modest but steady growth in sales volumes. Looking ahead, a net balance of +23% of survey participants expect sales volumes to rise over the coming three months, and a significant +44% expect an increase over the year ahead.
In terms of supply, the quantity of new listings has also seen an increase, with a net balance of +22% of contributors reporting a rise in new instructions to sell. This increase in supply could provide more options for investors and stimulate further activity in the market.
The survey’s headline measure for house prices returned a net balance reading of +11% in September, indicating a rise in house prices at the national level. This upward trend is expected to continue, with respondents predicting that house prices will edge higher over the coming three months (net balance +12%) and over the next twelve months (net balance +54%).
In the lettings market, tenant demand continues to rise, with a net balance of +22% of respondents reporting an increase in September. However, the volume of landlord instructions coming onto the market shows little sign of increasing, with the latest net balance slipping to -29%. This could potentially lead to a supply-demand imbalance, pushing rental prices higher and providing a lucrative opportunity for property investors.
In conclusion
the latest RICS Residential Market Survey paints a positive picture for property investors, with growing demand, rising sales volumes, and increasing house prices. Whether you’re looking to invest in residential sales or the lettings market, now could be an opportune time to explore your options.