Real estate agents report ‘improvement’ in the real estate market

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There has been a “rise” in sentiment in the real estate market after the general elections, according to a survey of property professionals.

Sales expectations had “increased significantly,” said the Royal Institution of Chartered Surveyors (RICS).

Home sales increased last month for the first time in seven months, driven by increased activity in London and south-east England.

However, sales declined in Northern Ireland and Scotland, RICS said.

In most parts of the country, owners who wish to sell will be encouraged by the latest monthly RICS report, which asks their members about their current business and their expectations for the coming months.

The December report suggests that the interest of new buyers is growing, especially in Wales and the northeast of England.

“The signals from the latest RICS survey provide more evidence that the housing market is seeing some benefits of the greater clarity provided by the decisive outcome of the elections,” said Simon Rubinsohn, chief economist at RICS.

“It remains to be seen if the improvement in feeling can be maintained given that there is much work to be done during this year to determine the nature of the possible Brexit agreement.”

“However, indicators of sales expectations clearly point to the prospect of a more optimistic trend in emerging transactions with potential buyers who feel more comfortable in tracking initial consultations,” he added.

RICS members reported that house prices continued to fall in some parts of the country, especially in the south east of England, London and East Anglia, but most expected housing prices to increase over the course of the year.

Wednesday’s figures from the Office of National Statistics suggested in the United Kingdom, as total housing price growth was accelerating with a 2.2% increase in the year through November 2019, from 1.3% in the year until October.

Over the past year, average housing prices increased 7.8% in Wales to £ 173,000, according to the latest ONS housing price index.

In England, average housing prices increased 1.7% to £ 251,000. In Scotland they increased 3.5% to £ 155,000 and Northern Ireland the average house price was 4% higher at £ 140,000.

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