The latest RICS Residential Market Survey for February revealed that estate agents now have an average of 42 properties on their books, the highest since February 2021. Respondents noticed more market appraisals this month compared to last year.
According to RICS, 21% of respondents reported an increase in new instructions, marking the strongest reading since October 2020. This is a significant change from the consistently negative trend seen throughout 2023. This renewed activity may help buy-to-let investors feel more optimistic about the direction of the property market for the next 12 months.
On a national level, new buyer enquiries remained positive for the second consecutive month, with a 6% increase. Most regions have seen a recovery in buyer interest over the past two months.
Looking forward, sales expectations for the near future are optimistic, with 42% of respondents anticipating a rise in sales activity over the next year.
While respondents expressed pessimism about house prices in the next three months, 36% of agents across England and Wales expect house prices to start growing again within the next 12 months, up from +18% in January. This correlates with Knight Frank’s recent prediction of a 3% price increase in 2024.
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