The latest, November 2016, RICS UK Residential Market Survey, has revealed that sales activity in the UK residential market is increasing, but a slow start to 2017 is expected due to a lack of stock.

The number of prospective buyers in the UK housing market increased for the third consecutive month in November, but the figure remains historically low with 13% more surveyors reporting a rise in new buyer enquiries rather than a fall.

Demand has increased in most parts of the UK in November leading to a further rise in agreed sales across the UK, with 9% more respondents across the country reporting a growth in activity over the month. But while this is the highest reading since February, caution remains, according to RICS.

The Institute reports: ‘Supply shortages remain a constraining feature in November and the growth in sales activity, albeit only modest, alongside a lack of new instructions, has led to a further decline in homes for sale. Anecdotal comments suggest that many respondents expect the beginning of 2017 to be quiet, reflecting the lack of fresh properties coming to market.’