The UK housing market is showing initial signs of recovery as new buyers and sellers come in to the market, but respondents remain cautious about the year ahead, according to the June 2020 RICS UK Residential Market Survey.
As agents continue to return to work following lockdown closures, the number of people looking to purchase a home rebounded in June. The net balance of +61% of survey respondents seeing a rise in new buyer enquiries over the month, is in stark contrast to the readings of -7% and –94% posted in April and May respectively.
The number of new properties being listed for sale also rose over the month, with a net balance of +42% of survey participants noting an increase rather than decrease. Despite this increase in supply, the number of properties listed with estate agents remains close to all-time lows – just 39 on average per branch.
However, Simon Rubinsohn, RICS chief economist, commented: “There are worrying signs that this rebound may quickly run out of steam against the backdrop of a tightening in lending criteria by mortgage providers, and the uncertain macro environment particularly with regard to the employment picture.”