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Appetite to Buy Cools as Stamp Duty Holiday Begins to Taper Off

The number of new buyer enquiries slowed in July as the government’s stamp duty holiday begins to taper off, according to the latest residential market survey released by RICS on 12 August.

The survey revealed that new buyer enquiries shrank over the month, with a net balance of -9% of respondents seeing a fall, down from +10% in June, and ending a positive four-month streak for the UK housing market. As a result, the number agreed sales also reportedly took a dip, posting a net balance of -21% in July across the UK, with sales volumes slowing most notably in Yorkshire & the Humber, the East Midlands and East Anglia.

House price growth was again influenced by the lack of properties ready for sale, with a net balance of -46% of respondents reporting a fall in new listings (down further from the -35% reported in June). It is therefore unsurprising that +78% of respondents reported house prices rising, although this is slightly down from the +82% reported in the previous two months.

At the regional level, growth in house prices was seen across the UK, with the North of England, Wales and East Anglia seeing especially strong growth. On the flipside, London saw more moderate feedback, however the latest net balance of +45% is still up when compared with previous results.

A net balance of +66% of respondents nationally predict that prices will continue to rise over the next 12 months, up on the +56% in June.

Demand from tenants looking to rent new homes remained strong for the fifth quarter in a row, with a net balance of +52% reporting a rise – with all parts of the UK experiencing an increased number of rental enquiries.

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