New Year ‘bounce’ is a ‘much needed development’ to our housing market

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It looks as if there has been a bit of a new year bounce in the housing market as the number of people looking to buy a home, and placing their home on the market, rose in January according to the Royal Institution of Chartered Surveyors (RICS).

The RICS stated that easing uncertainty about the general election and Brexit prompted the optimism, albeit they are remaining cautiously optimistic.

Having seen listings of new instructions at a record low over recent years, the RICS said that the increase “much needed development”.

The RICS were quick to point out that it remains to be seen how long this new found momentum would last, as there may still be some political uncertainty the end of the year as the government looks to agree a trade deal with the EU.

Brexit impact

Many experts believe there has been a correlation between a downturn in the housing market and the three and half years it has taken to exit the EU.

Following the general election result, various surveys have suggested the UK housing market has seen a pick-up. As potential buyers and sellers breathe a collective sigh of relief, it is still too early to guarantee this renewed interest will be sustained.

Many property professionals from across the country, who submitted their views to the RICS, stated that the greater activity was a result of more certainty and confidence as well as some milder weather in January. However, the recent weather issues that we have had across the UK may already put pay to these statistics as it will have been difficult for potential buyers to get out and about.

Spring tends to be the busiest time for the housing market, as buyers and sellers act on new year plans to move home. We will have to wait and see what the next set of result concludes, but it does seem that in the short-term, these set of results will be good news to those looking to move in 2020.

Filed under Property.