The RICS UK Residential Survey conducted in August 2021 indicates a slight reduction in activity which can be attributed to a reaction to the significant surge in sales recorded prior to the beginning of the Stamp Duty holiday phase-out, with an albeit controlled lifting of Covid restrictions this summer also playing a part.
When reviewed at a national level, whilst demand lessened across all regions in the last month of reporting, the outlook amongst survey participants still foresees a generally steady sales picture emerging over the near term, as the three-month expectations net balance remains unchanged at +4%, with longer term expectations for the next 12 months posting an upturn in demand of +7%.
The outlook for our region shows that we have one of the most positive expectations in the country, despite a review of the supply backdrop confirming a decline in the number of new listings which has remained negative in 8 of the past 9 months.
On the back of this, stock levels on estate agents books have dropped, whilst feedback points to market appraisals currently running at a slightly slower pace than the comparable period last year (net balance -10%).
The lack of available stock on the sales market is well reported and remains a key factor sustaining strong rates of house price inflation, where 73% of respondents to the survey reported prices increases over the latest survey period.
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