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.
Looking at demand trends across the sales market, the new buyer enquiries series posted a headline net balance reading of +12% in November (almost unchanged from +11% last time). Consequently, the latest figure continues to depict a modest upturn in buyer demand, representing the fifth successive positive monthly reading for this metric.
Alongside this, a net balance of +1% was returned for the agreed sales measure, down from a slightly firmer figure of +8% previously. As such, the November reading points to a more or less flat trend in aggregate sales volumes over the month. Notwithstanding this, a net balance of +19% of respondents anticipate that sales activity will see positive growth over the coming three months, although this is a little more moderate than the reading of +30% registered in October.
At the twelve-month time horizon, a net balance of +33% of respondents expect sales to pick-up. That said, while this forward-looking series remains comfortably positive, the latest reading is the least elevated since April.