The October RICS Residential Market Survey shows new buyer enquires increased modestly for the second consecutive month while new instructions remained broadly flat at the headline level.
Near term price expectations increased slightly but still point to very limited growth over the months to come.
The headline national price balance crept higher to 23%, from 18% previously with respondents in all areas except London and the North East reporting growth. The London data (which tends to better reflect the market in the inner zones rather than the outer boroughs) recorded an eighth consecutive negative monthly reading with 16% more respondents reporting a fall rather than a rise, while in the North East prices were reported to have remained broadly stable (net balance of -2). Contributors in the West-Midlands and North West English regions reported the firmest price momentum this month with net balances of 55% and 47% of surveyors, respectively, reporting growth.
Demand increased modestly at the headline level for the second consecutive month with a net balance of 10% of respondents reporting growth. Most areas saw some rise in buyer enquiries with respondents in Northern Ireland reporting the strongest growth.
Full report: RICS UK October Residential Survey