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Gap widens between new buyer enquiries and instructions – RICS

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  • 10/06/2021
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Gap widens between new buyer enquiries and instructions – RICS
The gap has widened between new buyer enquiries and new instructions to its widest since November 2013, a Royal Institution of Chartered Surveyors (RICS) Residential Market Survey for May found.

 

The survey polled the sentiment of 277 chartered surveyors revealing a net balance of 32 per cent who saw an increase in new buyer enquiries during May.

However, the net balance on new instructions was minus 23 per cent.

A positive net balance implies more respondents saw rises in the factor than saw falls, while a negative shows that the balance of surveyors noted decreases.

John Eastgate, managing director of property finance at Shawbrook Bank, said: “Such heady demand might well be the result of government stimulus, but when the dust settles, we’ll see that robust levels of demand persist.”

“The tapered ending of the stamp duty holiday and the naturally slower pace of the winter market will offer a correction of sorts. But the market must be given credit, it was robust before March 2020 and will remain so for the foreseeable future,” Eastgate said.

Growth in number of market appraisals year-on-year was reported by net balance of 24 per cent, “which could translate into an improved number sales instructions in due course,” RICS said.

Near term sales expectations saw a 30 per cent positive balance. This compares to minus five per cent for the 12-month sales outlook. 

On price inflation, the net balance was positive at 83 per cent – with strong feedback from all parts of UK, particularly Northern Ireland, the South West, the North West and Wales.

Continued house price growth was expected over the near term by 45 per cent, and over 12 months by 64 per cent.

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