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Commercial Property

Fears that South West house sales will fall in 2021

RICS report shows residential market is strong but there are concerns about withdrawal of Government support

The SW housing market remains strong but there are concerns about sales in 2021

The South West housing market remains strong and is expected to stay that way for the rest of the year despite the coronavirus pandemic – but there are fears sales will fall in 2021, a new report says.

Demand for new properties, as well as new homes being listed for sale, across the South West housing market remained strong over the past month, according to the October 2020 RICS Residential Market Survey.

With current guidelines permitting the market to stay open during the second lockdown, South West respondents expect sales growth to continue for the rest of the year.

Moving into 2021, the outlook for sales is negative, with respondents citing the withdrawal of Government support measures and a difficult economic backdrop as a concern further ahead.

During October 2020, the number of people looking to buy a new property across the region remained positive for the sixth consecutive month, with a net balance of +36% of respondents citing an increase in new buyer enquiries down from +63% reported in September.

In keeping with the growth in demand, the number of new properties being listed for sale also increased for the sixth successive report.