The number of sales of new homes across the UK has increased for the third consecutive month, as has buyer demand and new instructions, according to the February 2020 RICS UK Residential Market Survey.
RICS revealed a net balance of +20% of respondents saw an increase in new buyer enquiries over the month – the third period of growth in a row – and added that experts were forecasting a better sales outlook for the rest of the year, with +61% of survey participants saying they expected more homes to be sold as the year progresses.
New homes coming onto the sales market also nudged up for a third straight month, with new instructions seeing a net balance increase of +15% in February. RICS indicated the West Midlands and the South-East saw the biggest jump in new properties coming onto the market.
RICS added that strong demand had also seen prices increase in February, with a net balance of +29% of contributors reporting house price growth – up from +18% on the previous month.
RICS chief economist, Simon Rubinsohn, commented: “It is encouraging that the results of the latest survey continue to show a positive trend both in terms of potential buyer interest and new instructions to agents. Indeed, this is the first time since 2014 that new supply to the market on the RICS indicator has increased for three consecutive months.
“Inventory levels are still at historically low levels despite this but the firmer trend in appraisals suggests that the picture could improve over the coming months, providing the coronavirus doesn’t become more of an inhibitor of activity in the sector.
“For now at least, feedback around expectations are consistent with activity levels continuing to strengthen albeit relatively modestly.”
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