Sales market activity softens slightly over the month

• Measures of new buyer enquiries and agreed sales turn mildly negative

• House prices still rising at the national level, but momentum appears to be moderating

• Near-term expectations point to a further (gentle) softening in sales market activity over the months ahead.

The February 2025 RICS UK Residential Survey results are indicative of a modest slowdown across the sales market, with concerns over interest rates, inflation, and global events appearing to dampen buyer confidence somewhat. Moreover, the impending stamp duty deadline on the 1st of April is likely distorting the underlying demand picture at present, as well as contributing to uncertainty around the outlook for activity in the months ahead.

Buyer demand broadly flat in January but sales volumes are still expected to rise gently over the months ahead.

The January 2025 RICS UK Residential Survey results signal a broadly flat monthly picture for sales market activity, with measures of demand and sales both easing slightly to now sit in neutral territory. Nevertheless, despite the slight stalling in momentum of late, respondents continue to envisage a modest expansion in sales volumes as the year progresses.

Headlines:

• Sales market activity appears to level-off

• House prices continue to rise steadily at the national level

• Further pick-up reported in new instructions to sell.

We're always striving to deliver exceptional service and we're always grateful to our clients who have taken the time to share their experiences. Take a look at three recent examples.

At Navah Consulting, we’re always keen to contribute to the development of the property industry, so we were pleased to be invited to provide feedback to HM Land Registry (HMLR) as part of their research into improving digital property transactions.

We're always striving to deliver exceptional service and we're always grateful to our clients who have taken the time to share their experiences. Take a look at two recent examples.

Market conditions still reasonably solid to end the year but the recent macro environment presents headwinds moving forward

The December 2024 RICS Residential Market Survey results point to the slightly brighter picture seen over recent months remaining in place, with most activity metrics still in modestly positive territory. That said, while near-term expectations are, for the time being, consistent with this trend being broadly sustained over the coming months, the macroeconomic environment looks to have turned more challenging of late. Indeed, the recent rise in bond yields along with other lending rates, if sustained, may prove to be a significant headwind moving forward.

Headlines:

• Sales volumes improve slightly in December

• Buyer enquiries metric turns a little flatter, while respondents report a further increase in new instructions

• House prices now seen rising across all parts of the UK.

Measures of buyer demand remain positive with house price growth appearing to gain traction.

The November 2024 RICS Residential Survey results remain consistent with a gentle up-trend across the market, with metrics on new buyer demand, new instructions and house prices all continuing to register readings in expansionary territory. Looking ahead, despite the rise in mortgage interest rates seen over recent weeks, respondents still foresee a modest improvement in sales activity over the near-term, albeit expectations have been scaled back somewhat compared to the previous iteration of the survey.

Headlines:

• New buyer enquiries data again points to a slight pick-up in demand, although sales appear to have levelled-off over the month

• National house price indicator continues to move higher

• Near-term outlook for activity moderately positive despite the recent rise in mortgage interest rates.

Sales market activity continues to rise steadily

The October 2024 RICS Residential Survey results continue to signal an improving market backdrop, evidenced by modestly positive readings once again being returned across all headline measures of activity. Furthermore, forward-looking indicators remain consistent with a further pick-up in sales volumes over near-term, although the rise in bond yields in recent weeks is likely to present something of a headwind as it feeds through into general lending conditions.

Headlines:

• Survey feedback capturing the recent trend in agreed sales and new buyer enquiries remains positive.

• Headline house price growth appears to be gradually gaining momentum.

• Expectations point to this brighter picture for activity being sustained over the near-term.

We're always striving to deliver exceptional service and we're always grateful to our clients who have taken the time to share their experiences. Take a look at three recent examples.

We're seeking a qualified Building/Residential Surveyor to join the firm on a part-time basis.

This role would suit professionals returning to work after a career break, seeking a better work-life balance or easing into retirement.

This position will involve conducting RICS Home Surveys Level 2 (Homebuyer Reports) and Level 3 (Building Surveys) alongside insurance-based reporting and defect analysis.

We don’t undertake mortgage valuations. However, we do provide a range of private valuation services.

This role will be based in Bishop's Stortford, Hertfordshire, covering the surrounding areas. The role will be a mix of site and office-based work along with home working if/as desired.

We're always striving to deliver exceptional service and we're so grateful to our clients who have taken the time to share their experiences.

Sales market activity continues to display a more positive trend.

The September 2024 RICS Residential Survey results point to a sustained improvement in market activity, with measures of demand, sales and new listings all continuing to return positive readings. Moreover, forward-looking sentiment is consistent with further modest growth in headline sales volumes over the coming months, while expectations for the year ahead are also firmly in expansionary territory.

Headlines:

• New buyer enquiries indicator remains in positive territory

• Number of sales agreed also improves, with near-term expectations pointing to further growth

• National house price indicator moves out of negative territory.

Spotlight - September 2024

This month we're taking a look at the role of the telescopic pole camera and how this is used to inspect high-level, often concealed, areas.