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Supply drought causing headache for growing numbers of house buyers

The UK housing market saw another month of declining new listings, which may frustrate the growing number of prospective buyers, according to the latest RICS UK Residential Market Survey in November 2021 (published 9 December).

Those responding to the November survey reported a net balance of +13% in new buyer enquiries, a slight increase on the +11% reported in October, however there was a net balance fall of -9% in agreed sales – the fifth time in a row a negative result has been reported.

Respondents frequently said the continuing drought in new listings was a significant factor holding back the market nationwide, with a net balance of -18% respondents noting a deterioration for an eighth consecutive month. Additionally, the volume of home appraisals undertaken in November was below that seen in the same month last year, with the latest net balance coming in at -20%.

Regarding the rental market, over the next 12 months, respondents project a near 4% growth in rents at the national level, with rental growth expected to average roughly 5% per annum over the next five years.

Simon Rubinsohn, RICS Chief Economist, said: “The issue of supply is gathering ever more importance in the feedback to the RICS Residential Market survey. Critically, the theme runs strongly both through the latest set of contributor comments as well as the data around new instructions and the decline in inventory on agent’s books.

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