UK Residential Market Survey, November 2024 (published 6th December 2024).
What is the UK Residential Market Survey?
The UK Residential Market Survey is used by the government, the Bank of England and other key institutions, including the IMF, as an indicator of current and future conditions in UK residential sales and lettings. It is covered extensively in the media and is the leading source of market intelligence, highly regarded both by investors and across the industry.
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.
