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Buyer Demand Puts Spring in The Step of The Housing Market

The latest RICS UK Residential Survey results (March 2024) show a steady improvement in sentiment, with buyer demand and sales expectations going forward seeing a rise in positivity. Meanwhile, stability in house prices has also been reported.

According to the survey, buyer demand has continued to rise, with a net balance of +8% of respondents citing an increase in new buyer enquiries during March, making this the most positive result since February 2022.

On the property supply front, the flow of new listings coming onto the sales market increased for a fourth successive month, with a net balance of +13% of respondents noticing a pick-up in new instructions
in March.

Looking at expectations, respondents predict further improvement in activity over the coming months, with a net balance of +13% of respondents predicting sales volumes rising in the next three months, compared to a reading of +6% previously. Similarly, looking ahead to the next 12 months, a net balance of +46% of respondents predict sales activity rising (up from +42% in February).

Moving across to the lettings market, the question relating to tenant demand remained positive in March, at a net balance of +19 (+16 last time round). On the opposite side, landlord instructions once again show a weak net balance reading of -19. Consequently, +34% of survey respondents still expect rental prices to rise in the next three months. 

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