The September 2016 RICS Residential Market Survey results show new buyer enquiries increased for the first time since February, albeit the pick-up was only modest. Alongside this, new instructions to sell slipped further, with the lack of supply firmly underpinning prices at the headline level. What’s more, price expectations rose at the three and twelve month horizons, although both indicators remain softer when compared to the start of the year.
The national price indicator crept higher in the latest results, with a net balance of +17% of respondents noting an increase in prices (up from +13% in August). This measure has now risen in two consecutive reports having moderated for five months in a row between February and July. The regional breakdown shows prices continue to fall in Central London and the North East, although the pace of decline eased noticeably across the latter. Elsewhere, most other parts of the UK saw prices climb higher over the month.
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