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At the national level, a headline net balance of +16% of respondents cited an increase in new buyer demand during January, according to the latest UK Residential Survey from the Royal Institution of Chartered Surveyors (RICS).
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This is up from a reading of +9% in December and, although only modestly positive, represents the strongest figure since May 2021.
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At the same time, the survey’s indicator capturing new instructions remained in negative territory, although, at -8%, the latest net balance is the least negative since April 2021.
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Moreover, the net balance for market appraisals came in at +3%, the first time this series has been above zero since June 2021.
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Looking ahead, near-term sales expectations improved to a 10-month high, with the latest net balance rising to +22% from +16% in both of the two previous reports.
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In terms of the 12-month outlook, a headline net balance of +24% of survey participants envisage sales volume rising over the year to come, an increase on a reading of +16% last time.
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Looking at house prices, there seems to be no sign of the recent strong pace of growth losing much momentum, with a national net balance of +74% of survey participants seeing an in-crease during January.
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As such, this measure has remained in a tight range of between +69% and +74% over each of the past six months.
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Going forward, both three- and 12-month price expectations series remain firm, returning respective net balances of +36% and +76% (both of which are slightly stronger than the December 2021 returns).
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Read about the UK Housing Market via our Specialist Residential & Buy to Let Division
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Furthermore, all UK regions/countries are anticipated to see a further pick-up in house prices over the year ahead.
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In the rental market, tenant demand continues to rise sharply, evidenced by a net balance of +64% of contributors noting an increase.
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In fact, this represents the strongest reading on record, with this particular indicator dating back to 1999. That said, landlord instructions remain very much in decline, net balance -13%, versus -29% last quarter.
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Indeed, a net balance of +59% of respondents now foresee rents picking up over the coming three months, an increase on +54% taking this view beforehand.
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Over the course of 2022, contributors envisage rental prices rising by around 4% on average across the UK.
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By Jake Carter
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Source: https://uk-mortgagebroker.co.uk/news/
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