The newest residential market survey from the Royal Institute of Chartered Surveyors (RICS) has found that there was a rise in both sales and enquiries from prospective homebuyers last month.
According to this survey, there was a 9% net balance for new enquiries during March from those looking to buy a home. That makes it the seventh month in a row when this percentage was at a positive level, however the March net balance still marks a fall on the figure for the previous survey. Back then it stood at 16%
The market survey for March also shows a rise in the number of completed house sales, which hit a net balance of 9%. RICS is stating that this small rise shows that property transaction levels are going up at a steady rather than spectacular pace.
When it comes to sales close to completion, the March net balance stands at 16%, compared with 11% in the previous survey. This suggests that prospects for sales across the UK remain fairly positive and that the market is stable at the moment.
There are some worries that interest rate and cost of living increases will hit the market though. Peter Beaumont of the Mortgage Lender told Mortgage Solutions:
“The knock-on effect this has only increased the challenges first-time buyers and home movers alike face in terms of affordability as house prices continue on their upward trajectory.”
Advisors with CeMAP training will need to identify affordable specialist loans for more clients in the coming months.
