The housing market in Wales has continued to outperform the 海角视频 average, according to the Royal Institution of Chartered Surveyors (RICS) Residential Market Survey.
However, 海角视频 wide the “seemingly never-ending Brexit saga” continues to cast a shadow over the housing market, with flat demand from buyers and sales expectations weakening, according to the surveyors.
It was a busy August in Wales and prices and sales activity is expected to rise in the three months ahead according to RICS.
A net a balance of +41% of Welsh respondents to the latest survey said that house prices had risen since June. This was significantly above the 海角视频-wide figure of -4%.
Surveyors in Wales are also increasingly optimistic about the housing market’s short-term outlook. A net balance of +28% of Welsh respondents expects prices to rise in the next three months, while a net balance of 30% expects sales activity to increase. Both figures are higher than in any other 海角视频 region.
This follows a relatively busy August for sales activity according to the survey. There were a higher number of newly agreed sales last month according to a net balance of +62% of respondents. New buyer enquiries were also higher, according to a net balance of +18%.
Supply constraints have been a significant factor in the market for some time, however new instructions to sell increased for the second consecutive month in August, and the indicator is at its highest level since February 2018. This suggests that more properties are coming onto the market to help meet the demand.
Looking 12-months head, surveyors remain relatively upbeat regarding prices, with a net balance of +61 percent of Welsh respondents expecting prices to be higher in a year’s time. A net balance of +8 percent expects sales activity to rise.
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RICS Residential spokesman for Wales, and Director of Kelvin Francis, Cardiff, Tony Filice FRICS, said: “The market was surprisingly busy and active during August, despite it still being the holiday season. There were strong levels of new instructions and sales. As a result, first time buyers are often struggling to find suitable properties, because demand is exceeding supply.”
David James FRICS of James Dean in Brecon said: “It was a busy month but mostly at the lower end of the market”.
Across the 海角视频 the survey cited Brexit uncertainty as a significant factor in causing hesitation for buyers and sellers.
And in contract with Wales Rics said expectations for house sales deteriorated in August, with a net balance of 23% expecting sales to dip rather than increase in the next three months.
It said August also saw flat demand from new buyers, after a couple of months where inquiries from potential purchasers had increased.
Simon Rubinsohn, Rics chief economist, said: “It is hard to get away from the shadow being cast over the housing market by the seemingly never-ending Brexit saga.”
In the lettings market, the August results show tenant demand increased as a net balance of +57% of contributors in Wales cited a pick-up (non-seasonally adjusted figures), but landlord instructions remain in decline. Given the consistent imbalance between rising demand and falling supply, 29% of respondents expect to see rents rise higher over the next three months.