New buyer enquiries are up nationally, with a net balance of +2% in July, compared to -6% last month. This is the first positive reading in four months and contributes to the ongoing trend of stabilisation in the market rather than a substantial uptick.
Agreed sales have also improved as the July net balance of -2% shows a more stable figure compared to -13% in May and -6% in June. Looking at the future outlook, a net balance of +30% of survey participants believe sales volumes will rise for the next three months. This is up from last month’s reading of +22% and the strongest near-term sales expectations since January 2020. In terms of sales volumes over the next 12 months, +45% of respondents expect an increase in sales activity, up from 40% in June.
In the rental market, the net balance reading of new landlord instructions for July was -16%, suggesting the flow of new listings is declining. A net balance of +33% of contributors believe rental prices will increase in the next three months, suggesting rental growth will stay on an upward trajectory. According to rental property investors, tenant demand rose slightly according to +18% net balance of respondents.
