‘New Year Bounce’ For UK Housing Market
The new year showed increased activity in the UK housing market, and the Royal Institution of Chartered Surveyors (RICS) told the Guardian. There are cautious expectations for the rise to continue. The number of people looking to buy rose in January, as did the number of homes for sale.
RICs say that the reduction in uncertainty about the general election and Brexit has prompted the optimism. Simon Rubinsohn, the institution’s chief economist, said the increase in properties being put on the market was a “much-needed development” after new listings had been at record lows in recent years.
“It remains to be seen how long this newfound market momentum is sustained for, and political uncertainty may resurface towards the end of the year,” he said. “But, at this point in time, contributors are optimistic regarding the outlook for activity over the next 12 months.”
A number of surveys have suggested that the UK housing market has seen a boost following the general election at the end of 2019.
North London estate agent Jeremy Leaf said: “We probably won’t know until the end of February or the beginning of March whether this renewed interest can translate into robust sales giving us more confidence that this housing market recovery is robust and sustainable.”
Property professionals from across the country submitting views to the RICS survey said the greater activity was the result of more certainty and confidence, but there was also the suggestion that the relatively mild weather had made house-hunters more active.
Spring tends to be the busiest time for the housing market, as buyers and sellers act on new year plan to move home.
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