The August 2016 RICS Residential Market Survey results suggest confidence continues to recover gradually across the sector, following a significant drop immediately after the EU referendum.
Prices and sales volumes are now expected to rise going forward, both at the three and twelve month time horizons, with a more stable trend in activity driving the improvement in sentiment.
The headline price indicator edged higher during August, with a net balance of +12% of respondents reporting an increase in prices (up from +5% previously). This halts a run of five consecutive reports in which the net balance had softened, although the current reading is still the second weakest posted over the past eighteen months.
In London, the net balance remained negative for a sixth consecutive month, with 30% more respondents noting a fall in prices, as opposed a rise. By way of contrast, the net balance figures suggest prices increased in most other parts of the UK.
Full report: RICS UK August Residential Survey