Sunday, June 1, 2025
18to10k
  • Home
  • Make Money
  • Affiliate Marketing
  • Social Media
  • Real Estate
  • SEO
  • Side Hustle
  • Dropshipping
No Result
View All Result
18to10k
No Result
View All Result
Home Real Estate

UK property survey shows falling sales and frenetic rental market

Admin by Admin
August 9, 2023
in Real Estate
0
UK property survey shows falling sales and frenetic rental market
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter


Obtain free UK property updates

We’ll ship you a myFT Day by day Digest e-mail rounding up the newest UK property information each morning.

UK home gross sales are set to fall as high mortgage rates deter consumers, whereas rental costs surge as tenants enter bidding wars for the few properties available to let, in response to a number one property survey printed on Thursday.

The month-to-month report by the Royal Establishment of Chartered Surveyors paints a contrasting image of a slower gross sales market, with each consumers and sellers ready for the financial outlook to settle, and a frenetic rental market the place rising prices and regulation are driving out landlords.

Rics stated its measure of newly agreed gross sales — calculated because the distinction between the proportion of surveyors seeing rises and falls up to now month — fell to a web stability of -44 per cent in July, down from -36 per cent in June and the weakest because the early levels of the coronavirus pandemic. In contrast with June, an even bigger proportion of surveyors anticipated gross sales to weaken additional over the subsequent three months.

In the meantime, demand from tenants elevated on the strongest tempo since early 2022 and the web stability of surveyors anticipating rental costs to rise within the close to time period hit a document excessive of 63 per cent.

Simon Rubinsohn, Rics chief economist, stated the survey pointed to the challenges going through consumers however that it was equally regarding that “rents are more likely to proceed rising sharply regardless of the price of residing disaster”.

The slowdown in gross sales exercise displays a pointy drop in each purchaser demand and within the variety of owners itemizing properties.

Line chart of House sales, % of surveyors expecting a rise less those expecting a fall  showing UK surveyors expect house sales to fall

Surveyors remained gloomy about the outlook for house prices, with a web stability of 49 per cent anticipating them to fall over the 12 months forward, the identical studying as in June. However some recommended the market was extra more likely to sluggish than fall, as sellers weren’t but prepared to just accept decrease affords.

“It’s paused quite than dropping,” stated Andrew Burnett, an agent based mostly in Sussex. Stan Shaw, head of the company Mervyn Smith, based mostly close to Richmond in Surrey, stated consumers had began to make affords properly under asking costs after the Financial institution of England lifted rates of interest by 0.5 proportion factors in June, however that the majority sellers had been “not ready at this stage to just accept hefty drops”.

Richard Franklin, an agent based mostly in Tenbury Wells, Worcestershire, stated: “There’s a raft of overpriced rural inventory with distributors failing to understand the market has moved on from WFH and lockdown.”

The BoE stated final week that it anticipated fewer pressured gross sales than in earlier housing market downturns, doubtlessly limiting the dimensions of home worth falls. Nonetheless, it stated one issue that might drive down home costs could be rising gross sales of properties by buy-to-let landlords.

A number of respondents to the Rics survey stated they had been now seeing extra landlords exiting the market due to the sharp rise in the price of buy-to-let mortgages, adjustments in tax guidelines and different laws, and unease over the potential impression of latest laws supposed to present tenants extra safety.

Line chart of Rental prices over the next three months, % of surveyors expecting a rise less those expecting a fall  showing Expectations for higher rents are at a record high

“The rental market is damaged,” stated Will Ravenhill, managing director of the Leicester-based lettings company Readings, who noticed many landlords leaving the market, whereas others had been “rising rents to ridiculous ranges to stick to their mortgage covenants”.

READ ALSO

Can you still make money from UK property?

Return of 100% mortgage gathers pace as lenders target first-time buyers

Tenants have additionally been staying in properties for longer on common, including to the squeeze on provide.

Kevin Burt-Grey, director on the Pocock & Shaw company in Cambridge, stated most rental properties acquired “a number of purposes” inside days of coming to market.

Will Barnes Yallowley, director on the Kensington-based company Tate Residential, cited one case the place a two-bed flat had attracted 11 affords and let properly above the asking worth inside per week.



Source link

Tags: fallingfreneticMarketpropertyrentalSalesshowsSurvey

Related Posts

Can you still make money from UK property?
Real Estate

Can you still make money from UK property?

May 31, 2025
Return of 100% mortgage gathers pace as lenders target first-time buyers
Real Estate

Return of 100% mortgage gathers pace as lenders target first-time buyers

May 31, 2025
European homeowners face rising mortgage costs until 2030
Real Estate

European homeowners face rising mortgage costs until 2030

May 29, 2025
can you still make money as a UK landlord?
Real Estate

can you still make money as a UK landlord?

May 22, 2025
Why we don’t move house anymore
Real Estate

Why we don’t move house anymore

May 22, 2025
Should I move in with my new partner before I’m divorced?
Real Estate

Should I move in with my new partner before I’m divorced?

May 14, 2025
Next Post
What Mike McCarthy calling plays could mean for Cowboys receivers – Blogging The Boys

The story of how Sanjeev Nachiappan built the fastest growing talent ... - Digital Journal

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

three × 3 =

POPULAR NEWS

10 Simple Ways to Get Paid to Text

10 Simple Ways to Get Paid to Text

March 24, 2023
67 Under the Table Jobs that Pay Cash (Off the Books Jobs Near You!)

67 Under the Table Jobs that Pay Cash (Off the Books Jobs Near You!)

January 28, 2025
11 Easy Ways to Review Movies for Money in Your Spare Time in 2023

11 Easy Ways to Review Movies for Money in Your Spare Time in 2023

May 24, 2023
How to Create a Facebook Business Page (and Grow It) in 2023

How to Create a Facebook Business Page (and Grow It) in 2023

January 20, 2023
8 Best Sites Like Freecash For 2024 (High-Paying List!)

8 Best Sites Like Freecash For 2024 (High-Paying List!)

February 27, 2024

EDITOR'S PICK

Financial Freedom From Lipstick and Bras

Financial Freedom From Lipstick and Bras

January 20, 2023
What Mike McCarthy calling plays could mean for Cowboys receivers – Blogging The Boys

Cowboys roster 2023 countdown to kickoff, John Fitzgerald profile and review – Blogging The Boys

July 10, 2023
What Mike McCarthy calling plays could mean for Cowboys receivers – Blogging The Boys

Unconventional Methods Retailers Can Use to Cut Packaging … – Total Retail

June 29, 2023

How to Dropship On Etsy From AliExpress in 2025 – Geeky Gadgets

April 7, 2025

Recent Posts

20 Free AI Training Courses That Could Boost Your Career

20 Free AI Training Courses That Could Boost Your Career

June 1, 2025
10 Risks That Prove It’s Time to Retire the Checkbook

10 Risks That Prove It’s Time to Retire the Checkbook

June 1, 2025
Why Teaching Your Child Music Builds Financial Success

Why Teaching Your Child Music Builds Financial Success

May 31, 2025

Categories

  • Affiliate Marketing
  • Dropshipping
  • Make Money Online
  • Real Estate
  • SEO
  • Side Hustle
  • Social Media Marketing
  • Uncategorized

Follow us

Recommended

  • 20 Free AI Training Courses That Could Boost Your Career
  • 10 Risks That Prove It’s Time to Retire the Checkbook
  • Why Teaching Your Child Music Builds Financial Success
  • Can you still make money from UK property?
  • Top Industries Hiring Remote Workers Without College Degree Requirements
  • Privacy And Policy
  • Terms And Condition
  • About Us
  • Contact Us

© 2023 18to10k | All Rights Reserved

No Result
View All Result
  • Home
  • Make Money
  • Affiliate Marketing
  • Social Media
  • Real Estate
  • SEO
  • Side Hustle
  • Dropshipping

© 2023 18to10k | All Rights Reserved