According to RICS, the property market is enjoying a much-awaited boost this spring.
In their latest UK Residential Survey for March 2024, RICS indicates an improvement in various aspects such as buyer interest, sales, and house prices.
Buyer interest continues to climb, with a net balance of +8% of respondents reporting an increase in new inquiries during March – marking the most positive result since February 2022.
On the supply side, there’s been a steady rise in new listings entering the market for the fourth consecutive month, with a net balance of +13% of respondents observing an uptick in new instructions in March.
The report notes that agents are conducting more appraisals, which may lead to more listings in the upcoming weeks and months.
Looking ahead, respondents anticipate further growth in activity in the coming months, with a net balance of +13% predicting an increase in sales volumes over the next three months, compared to +6% previously. Similarly, for the next 12 months, a net balance of +46% of respondents forecast an uptick in sales activity, up from +42% in February.
Moreover, the downward trend in house prices has been slowing down for the seventh consecutive month, shifting from a net balance of -67% in September 2023 to -4% in March. According to the report, this indicates a more stable outlook for house prices across the UK.
Find Out More: Learn more about how buy-to-let investments work with our guide on making money from property.
