The outlook for the housing market in Wales has improved with surveyors expecting sales to increase and prices to be steady in 2024.
Latest monthly research from the Royal Institution of Chartered Surveyors (RICS) shows a net balance of minus 9% of chartered surveyors in Wales reported a fall in newly agreed sales through November. Although still in decline, it is the slowest rate since mid 2022. New buyer enquiries also fell at the slowest rate since early 2022, with a net balance of minus 9% reporting a fall, a marked improvement from minus 57% in October.
There was also more supply coming onto the sales market through November. A net positive balance of 16% of Welsh surveyors reported a rise in new instructions to sell during the month, the third consecutive month that this figure has been in positive territory.
Looking at pricing over the past three months, surveyors in Wales remain less downbeat than in the 海角视频 as a whole. A net balance of minus 36% reported that prices had declined through November, compared to the 海角视频 average of minus 43%.
Surveyors in Wales are more optimistic on the three-month outlook for sales than they were with a net balance of 17% of respondents anticipating a rise. A net balance of minus 12% anticipate that prices will fall over the next quarter, a marked improvement compared to minus 37%, minus 52% and minus 73% in the October, September and August surveys respectively.
The research also shows that expectations for next year have taken an upturn. A net positive balance of 30% now expects sales to be higher in a year鈥檚 time, up from
The imbalance between demand and supply in the lettings market continued through November in Wales. A positive net balance of 29% reported a rise in tenant demand in Wales in the November survey. When looking at supply, a net balance of minus 29% of respondents a fall in new properties becoming available. With this supply and demand dynamic, a net balance of 43% expect rents to increase in the three months ahead, similar to the 海角视频 average figure of 42%.
Tim Goodwin of Holyhead-based Williams & Goodwin The Property People, said: 鈥淭here is a noticeable shortage of new instructions coming to the market as is the seasonal norm, but still plenty of enquiries from prospective purchasers.鈥
Commenting on the lettings market, Paul Lucas of R.K.Lucas & Son, in Haverfordwest, said: 鈥淭here remains a significant shortage of rental properties around to satisfy demand.鈥
RICS chief economist, Simon Rubinsohn, said: 鈥淭he latest RICS Residential Market Survey provides further evidence that sentiment is a little less negative than previously was the case with, critically, the new buyers enquiries indicator finally beginning to stabilise. This is being aided by increased confidence that the interest rate cycle has peaked which is reflected in somewhat more competitive mortgage products coming to the market.
鈥淗owever, with the cost of money likely to remain elevated for some time to and the economic outlook still downbeat, it is not surprising that the overall tone to the anecdotal remarks from survey respondents is still quite cautious.鈥
