For the first time in seven months (since February) buyer demand and house prices both rose in September, according to the latest index report. The figures indicate a modest recovery following some hesitation in the market post-referendum.
The September figures from the Royal Institution of Chartered Surveyors (RICS) show eight per cent more estate agents received an increase in buyer inquiries when compared to June. June saw a 34 per cent drop in demand – a significant downturn. The return of interest is a sign that the market is beginning to settle after an initial lapse caused by Brexit.
The lettings sector also saw growth with tenant demand increasing strongly in September – the strongest rate of growth in a year.
Need for supply
Despite the increase in demand, the number of new homes coming onto the market fell for the seventh consecutive month and is one cause of the rise in house prices. “With the exception of a few months around the turn of the year, the flow of new stock coming to market has dwindled continuously over the past two years,” RICS said.
Details of new initiatives have recently been revealed by the government to increase the number of new houses and they are aiming for one million new homes to be built by 2020.
Surveyors have predicted that house prices will continue to rise over the next three months on a national basis – a balance of 14 per cent expect to see an increase
Market Harborough housing
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For more information about the properties currently available in the Harborough area, call us today on 01858 450 020.