The Royal Institution of Chartered Surveyors (Rics) says that house sales and prices are expected to rise in the coming months, despite fears of stagnation as a result of the vote to leave the European Union.
The immediate aftermath of Brexit saw a sharp decline in property sales, but this dramatic drop has since stabilised, according to Rics.
Halifax data supports Rics' observations, suggesting that after a traditionally quieter summer, the overall picture of the housing market in the UK is now stable.
Sales are still seen to be falling in some parts of the country, notably London and the West Midlands, however Rics predicts that across the market there will be a 3.3% increase in house prices every year on average for the next five years, mainly due to the number of homes on the market failing to match supply. This is lower than Rics' prediction at the beginning of the year which put the year on year rise at 4%.
Chief Economist at Rics, Simon Rubinson, says it is likely that the swift response from the Bank of England has played a role in helping to support confidence in the market.
Brian Murphy, from the Mortgage Advice Bureau, commented that whilst the Rics survey is prediction only and not strictly based on hard figures, it provides us with interesting information as to what surveyors up and down the country are observing.
From a number of sources it is believed that the continuing lack of housing supply is the main feature of the current housing market, and will be the main factor in market activity in the coming months.
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The above is not legal advice; it is intended to provide information of general interest about current legal issues.
