The headline net balance for new home buyer enquiries in the UK moved from a record low of -94% in April to post a reading of -5% in May, according to the May 2020 RICS Residential Market Survey.
The upturn was heavily influenced by the reopening of the housing market in England on 13 May.
In an extra question included in the May survey, which used a survey sample of 479 branches coming from 237 responses, RICS asked its contributors for their views on what is coming up when speaking to buyers, regarding potential shifts in the desirability of certain features of properties over the next two years – owing to recent events.
RICS revealed that 81% of respondents felt there will be an increase in desire for properties with gardens or balconies, while 74% predict an increase in demand towards homes located near green spaces. Another 68% were of the opinion that properties with greater private and less communal space will become more desirable.
At the other end of the scale, RICS found that 78% of respondents think there will be a fall in the appeal of tower blocks while 58% feel properties located in highly urban areas will be less desirable.
RICS chief economist, Simon Rubinsohn, commented: “Following the reopening of the housing market in England, pre-COVID-19 sales that were in the pipeline are now largely going through. This is encouraging but it remains to be seen how sustained this improvement will prove.
“Much will inevitably depend on the macro environment and, in particular, the resilience of the jobs market as the furlough scheme unwinds. For the time being respondents to the survey see the trend in transactions being broadly flat.
“Alongside this, there are already signs that those looking to buy a house are responding to the conditions created by the pandemic by seeking out properties with gardens or balconies and nearer green space. These and other similar features are likely to increasingly command a premium over higher density urban locations according to respondents to the survey.”
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