RICS UK Residential Market Survey September 2023

Is the housing market showing signs of greater stability?

 

The RICS UK Residential Market Survey for September 2023 indicates that whilst the housing market is still subdued, the outlook for the next 12 months is more positive than it has been in previous months. This may be due to interest rates remaining the same which, in turn, provides house buyers and sellers with a greater feeling of stability.

In Northern Ireland, whilst new buyer enquiries were down in September, both new instructions and newly agreed sales volumes increased. Again, in contrast to the rest of the UK, house prices in Northern Ireland have continued to rise.

Northern Ireland remains the only place in the UK where sales and house prices are expected to increase in the coming 3 months. In our practice, we are continuing to find that some properties are bid above asking price, reflecting the lack of supply in the area.

You can view the complete RICS UK Residential Market Survey for September 2023 at https://www.rics.org/news-insights/market-surveys/uk-residential-market-survey

01 November 2023