More than two thirds of surveyors have said they expect house prices to continue rising despite the anticipated interest rate increase according to the latest RICS survey.
The survey, conducted in October, also echoed recent announcements of high prices and low stock. More than 70% of members reported house price increases, up from 69% in September, with a sharp rise across all regions and countries.
Overall the volume of sales agreed over the course of the month also saw a small dip, following on from the previous month. Although, looking ahead for the next 12 months, the North of England, London, Scotland and Northern Ireland all have an improved outlook, with a rise in transactions predicted.
With that said, demand is increasing and sales expectations are looking positive, with a hope of stabilising going forward.
Speaking with Property Industry Eye, Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “The monthly RICS housing survey is invariably a reliable indicator of market trends. This latest report is no exception and confirms what we are seeing on the ground – more resilience than expected after so many brought forward purchases in the summer taking advantage of the stamp duty holiday in particular.
“However, transaction numbers have reduced and prices have softened a little since as the frenzy of the last few months has been replaced by calmer conditions as supply and demand become more closely aligned.”
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