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Increased optimism from buyers and sellers has resulted in a pick-up in sales activity in the Welsh housing market, according to the January 2020 RICS º£½ÇÊÓƵ Residential Market Survey.

The number of homes coming to the market in Wales increased only modestly in January, as a net balance +7% of respondents reported a rise.

Notably though, this was the second month in a row that the balance of respondents in Wales said that the number of instructions to sell increased, after a sustained period of falls.

In addition to the modest increase in homes being put up for sale, January saw an increase in the number of people looking to buy, with a net balance of +31% of respondents saying that new buyer enquiries increased.

As well as this, newly agreed sales rose, according to a net balance of +32% of Welsh respondents.

Despite the improvement in instructions to sell though, this follows a sustained period of falling supply, meaning average stock levels remain low. And anecdotally, Welsh surveyors continue to report low levels of stock as a challenge for the market.

 

Looking ahead, respondents to the survey expect the renewed optimism in the market to continue, with sales anticipated to rise both in the near term and for the year to come.

RICS Residential spokesperson for Wales Tony Filice said: “January saw a marked increase in activity in terms of viewings and offers being received. Vendors now feel more ‘upbeat’ about listing their houses. Signs are positive for both buyers and sellers. Next quarter should see a rejuvenation of the market.”