Pick up in demand from house hunters

Christina Hoghton
Written By:
Christina Hoghton

Surveyors say that post-Brexit homebuying nerves have settled

New buyer enquiries rose last month, for the first time since February, according to the Royal Institution of Chartered Surveyors (RICS), suggesting that post-Brexit property market jitters have eased.

The figure was a strong turnaround from August when a significant number of surveyors had noted a decrease in new buyer enquiries.

At the same time, surveyors reported a drop in new sales instructions, for the seventh month in a row. In fact, RICS has noted a two year trend in the stock of homes consistently falling.

The trade body reported that the average stock levels on estate agents’ books remained exceptionally low.

The uptick in buyer demand and a lack of interest from existing homeowners to sell-up is supporting house prices, with surveyors saying they expected a rise in house prices over the next three months.

Simon Rubinsohn, RICS chief economist, said: “The market does now appear to be settling down following the significant headwinds encountered through the spring and summer. Buyers do appear to be returning, albeit relatively slowly, but the big issue that continues to be highlighted by respondents is the lack of fresh stock on the market. Although this is not a new story, it is a significant one having ramifications for both prices and the level of turnover.”