The Current State Of The Residential Sales Market In The UK

One of DEESURVEYS quarterly articles produced for the Cheshire & North Wales Law Society who DEESURVEYS proudly sponsor.

Produced by:-

Gavin Floyd FRICS &
Christopher Lewis BSc (Hons) Building Surveying at DEESURVEYS Ltd

December 2023

As we approach Christmas it is typically a busy time for those involved in the property market with many of those involved under pressure to get work out before Christmas. Generally, at DEESURVEYS we see an increase in overall survey instructions during this period, with an increase in Home Survey work coming through as purchasers people try to finish their ongoing purchase and get moved into their new home before the 25th .

However, this year has seen a slow-down in property sales with the steeper interest rates for mortgages having made it harder for buyers to justify moving home or stepping onto the property ladder in 2023. Although DEESURVEYS have seen in increase in survey instructions over the past few months it has not been as frantic as in recent years.

The following graphs are taken from the RICS UK Residential Market Survey for October 2023:

Sales Expectation graph

Sales expectations graph

Apart from Northern Ireland, where the data has shown a continual increase in property values over the past year and where values are expected to increase during the first quarter of 2024, in the remainder of the UK the short-term forecasts are showing a decline in values.

However, although a buyer’s market currently, the residential Sales expectations in the North West over the 1st quarter of 2024 are expected to increase; over the same period the forecast for Wales is for a decline in residential Sales.

Recently Bank of England interest rates have recently stopped increasing and with the anticipated downturn in property prices forecasted we may see an increased return in interest from buyers during 2024. Nevertheless, some purchasers will be hoping for interest rates to drop and to be able to fix their mortgage at a lower interest rate.

There is currently uncertainty in the UK residential sales market, although there is room for optimism going forward.

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