The RICS UK Residential Survey for April 2023 indicates that the market is still struggling for momentum, with higher borrowing costs and a cautious economic outlook remaining as the primary challenges. However, some indicators have improved slightly compared to the previous year.
The Current State of the Market
According to the survey, new buyer demand remained low despite a slight improvement from previous reports. Northern Ireland was the only region that recorded a marginal rise. Agreed sales indicators show that while the result remains subdued on a longer-term historical comparison, it is the least negative since July 2022. Near-term sales expectations also demonstrated slight improvement in the past four months. However, the average sale time has continued to lengthen, taking close to 20 weeks to finalize, up from 17 weeks last year.
Supply Conditions
Supply conditions remain tight, with new instructions coming onto the market showing overwhelmingly flat growth. This has led to a slight increase in the average number of properties on estate agents’ books. A net balance of -36% of survey contributors reported that the number of market appraisals over the month is running below the equivalent period last year.
The National House Price Indicator
National property prices remain negative. However, the current reading is marginally less negative than the previous month. The regional level showed some variations, with price declines in London slowing but sinking deeper into negative territory in the Southeast and East Anglia.
Rental Market
The survey shows that national tenant demand has increased over the three months ending in April. Conversely, a fall in landlord instructions by respondents was noted, making rental prices increase.
Conclusion
The latest RICS UK Residential Survey for April 2023 shows that the property market is still struggling for momentum, with supply being tight and house prices remaining negative. However, some metrics have demonstrated slight improvement in the past few months.
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