House sales, prices and buyer inquiries up in December, surveyors report shows
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The housing market saw a surge in activity as 2024 came to a close, with surveyors predicting a "solidly positive," outlook for the coming year. The Royal Institution of Chartered Surveyors (Rics) reported that a net balance of 5% of property professionals saw an increase in new buyer inquiries in December. Sales volumes also experienced growth, with a net balance of 7% of respondents reporting an increase, compared to just 1% in November.
There was also a rise in new instructions to sell in December, with a net balance of 14% of professionals noting increases. This marks the sixth consecutive month of increased listings for sale. Rics stated that house prices generally increased across the UK, with Northern Ireland and Scotland seeing the most significant growth. In the rental market, tenant demand has stabilised, but a dwindling supply of rental properties is expected to drive further rent increases.
Rics chief economist, Simon Rubinsohn, said the research indicates "to a further improvement in sentiment in the housing market". He added: "Buyer inquiries rose once again, albeit at a slower pace than in November, and the headline price indicator also moved higher. More significantly, the signals from the survey around expectations over the next 12 months also remain solidly positive for now.".
"However, the resilience of the uplift in market mood could be tested if the mortgage rates do begin to climb in a material way over the coming months. That, critically, would also be a concern for developers who will want to see a solid market as a backdrop for ramping up housebuilding to help meet the Government’s ambitious 1.5 million homes target for this Parliament.".
