Economics rics.org/economics To receive a free copy of this report on the day of release e: [email protected]The October 2015 RICS Residential Market Survey shows price momentum remains firm, with the headline price balance coming in at +49% compared with +44% in September. Buyer demand grew at a more moderate pace during October with a net balance of +12% of contributors reporting a rise, down from +18% the previous month. However, due to the ongoing shortage of new instructions coming to market, demand continues to outpace supply across most parts of the UK. In fact, the supply of new instructions coming to the market decreased for the ninth month in succession, with a net balance of +10% of respondents reporting a fall; instructions have only increased in one month since the middle of 2014. The continuing demand supply imbalance is causing price pressures to build across all areas, with respondents in all parts of the country reporting rising prices for the third consecutive month. East Anglia has consistently seen the firmest price momentum during this period and a net balance of +91% of contributors reported prices to have risen during October. Looking ahead, respondents in all parts expect prices to continue rising at both the three and twelve month time horizons. Once again, the outlook is particularly buoyant for East Anglia with a net balance of 97% of respondents expecting prices to rise over the year to come. Taking a longer term perspective (and based on the three month moving average), respondents foresee national house prices rising by just under 4.5% per annum, over the next five years (a cumulative increase of around 25%). Interestingly, five year expectations have actually eased a little over recent months, with contributors projecting, on average, annual house price inflation of around 5% over the coming five years back in July. Following a slight pick up in agreed sales in September, activity was reported to have been broadly flat over the course of this month with a net balance of +2% of respondents seeing a rise in agreements to sell. However, the sales market appears to be quite disparate across different parts of the UK with feedback more upbeat in some areas while remaining cautious in others. In Scotland, for example, sales sentiment has by and large been consistently firm over the past year. This chimes with HMRC transactions data (when smoothed over three months), which continues to show volumes rising at a solid annual pace. Meanwhile in areas such as the East Midlands, the sales trend remains flatter. Looking forward, contributors appear more confident about the outlook for transactions levels with a net balance of 31% expecting activity to rise over the coming three months, up from 26% the previous month. Meanwhile, at the twelve month horizon, respondents across the UK see sales activity rising, with respondents in Northern Ireland particularly confident in the outlook for the year to come. Largely unchanged from recent months, 62% of contributors view current prices being achieved in their local markets as being around fair value. However in East Anglia (44%), the South East (52%) and London (53%) a relatively high proportion of respondents are of the opinion that current prices are expensive, to a greater or lesser extent. RICS’ proxy for credit conditions, ‘perceived LTV ratios’, indicates lending terms have remained broadly static across first time buyers, buy-to-let and existing owner purchasers over recent months. Going forward, however, feedback to the Bank of England’s Q3 Credit Conditions Survey, suggest lending terms may improve as mortgage lenders expect to increase the availability of loans to buyers with the highest LTV ratios. In the lettings market, tenant demand continued to outpace supply across all areas in the three months to October (on a seasonally adjusted basis). At a national level, this has been an ongoing trend for some time, with growth in demand persistently outstripping that of supply since 2009. Given this, rental expectations remain strong and respondents continue to expect rents to rise firmly over the year ahead. Further out, rental growth is anticipated to accelerate to an average of just under 5% per year over the coming five years. • Price balance points to higher prices across all parts of the UK for a third consecutive month • New sales instructions extend streak of uninterrupted decline stretching back to February • Sales growth pauses but expectations remain a little more positive October 2015: Residential Market Survey No easing in supply constraint
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Economics
rics.org/economicsTo receive a free copy of this report on the day of release e: [email protected]
The October 2015 RICS Residential Market Survey shows price momentum remains firm, with the headline price balance coming in at +49% compared with +44% in September.
Buyer demand grew at a more moderate pace during October with a net balance of +12% of contributors reporting a rise, down from +18% the previous month. However, due to the ongoing shortage of new instructions coming to market, demand continues to outpace supply across most parts of the UK. In fact, the supply of new instructions coming to the market decreased for the ninth month in succession, with a net balance of +10% of respondents reporting a fall; instructions have only increased in one month since the middle of 2014.
The continuing demand supply imbalance is causing price pressures to build across all areas, with respondents in all parts of the country reporting rising prices for the third consecutive month. East Anglia has consistently seen the firmest price momentum during this period and a net balance of +91% of contributors reported prices to have risen during October. Looking ahead, respondents in all parts expect prices to continue rising at both the three and twelve month time horizons. Once again, the outlook is particularly buoyant for East Anglia with a net balance of 97% of respondents expecting prices to rise over the year to come.
Taking a longer term perspective (and based on the three month moving average), respondents foresee national house prices rising by just under 4.5% per annum, over the next five years (a cumulative increase of around 25%). Interestingly, five year expectations have actually eased a little over recent months, with contributors projecting, on average, annual house price inflation of around 5% over the coming five years back in July.
Following a slight pick up in agreed sales in September, activity was reported to have been broadly flat over the course of this month with a net balance of +2% of respondents seeing a rise in agreements to sell. However, the sales market appears to be quite disparate across different parts of the UK with feedback more upbeat in some areas while remaining cautious in others. In Scotland, for example, sales sentiment
has by and large been consistently firm over the past year. This chimes with HMRC transactions data (when smoothed over three months), which continues to show volumes rising at a solid annual pace. Meanwhile in areas such as the East Midlands, the sales trend remains flatter.
Looking forward, contributors appear more confident about the outlook for transactions levels with a net balance of 31% expecting activity to rise over the coming three months, up from 26% the previous month. Meanwhile, at the twelve month horizon, respondents across the UK see sales activity rising, with respondents in Northern Ireland particularly confident in the outlook for the year to come.
Largely unchanged from recent months, 62% of contributors view current prices being achieved in their local markets as being around fair value. However in East Anglia (44%), the South East (52%) and London (53%) a relatively high proportion of respondents are of the opinion that current prices are expensive, to a greater or lesser extent.
RICS’ proxy for credit conditions, ‘perceived LTV ratios’, indicates lending terms have remained broadly static across first time buyers, buy-to-let and existing owner purchasers over recent months. Going forward, however, feedback to the Bank of England’s Q3 Credit Conditions Survey, suggest lending terms may improve as mortgage lenders expect to increase the availability of loans to buyers with the highest LTV ratios.
In the lettings market, tenant demand continued to outpace supply across all areas in the three months to October (on a seasonally adjusted basis). At a national level, this has been an ongoing trend for some time, with growth in demand persistently outstripping that of supply since 2009. Given this, rental expectations remain strong and respondents continue to expect rents to rise firmly over the year ahead. Further out, rental growth is anticipated to accelerate to an average of just under 5% per year over the coming five years.
• Price balance points to higher prices across all parts of the UK for a third consecutive month• New sales instructions extend streak of uninterrupted decline stretching back to February• Sales growth pauses but expectations remain a little more positive
Notes to editorsAbout:• The RICS Residential Market Survey is a monthly sentiment survey
of Chartered Surveyors who operate in the residential sales and lettings markets.
Regions:• The ‘headline’ national readings cover England and Wales.
• Specifically the 10 regions that make up the national readings are: 1) North 2) Yorkshire and Humberside 3) North West 4) East Midlands 5) West Midlands 6) East Anglia 7) South East 8) South West 9) Wales 10) London.
• The national data is regionally weighted.
• Data for Scotland and Northern Ireland is also collected, but does not feed into the ‘headline’ readings.
Questions asked:1. How have average prices changed over the last 3 months?
(down/ same/ up)
2. How have new buyer enquiries changed over the last month? (down/ same/ up)
3. How have new vendor instructions changed over the last month? (down/ same/ up)
4. How have agreed sales changed over the last month? (down/ same/ up)
5. How do you expect prices to change over the next 3 months? (down/ same/ up)
6. How do you expect prices to change over the next 12 months? (down/ same/ up)
7. How do you expect sales to change over the next 3 months? (down/ same/ up)
8. How do you expect sales to change over the next 12 months? (down/ same/ up)
9. How has tenant demand changed over the last 3 months? (down/ same/ up)
10. How have landlords instructions changed over the last 3 months? (down/ same/ up)
11. How do you expect rents to change over the next 3 months? (down/ same/ up)
12. How do you expect average house prices, in your area, to change over the next 12 months? (% band, range options)
13. What do you expect the average annual growth rate in house prices will be over the next 5 years in your area? (% band, range options)
14. Total sales over last 3 months i.e. post contract exchange (level)?
15. Total number of unsold houses on books (level)?
16. Total number of sales branches questions 1 & 2 relate to (level)?
17. How do you expect average rents, in your area, to change over the next 12 months? (% band, range options)
18. What do you expect the average annual growth rate in rents will be over the next 5 years in your area? (% band, range options)
19. What do you perceive to be average LTVs currently being offered in the market for first-time buyers? (% band, range options)
20. What do you perceive to be average LTVs currently being offered in the market for existing owners? (% band, range options)
21. What do you perceive to be average LTVs currently being offered in the market for buy-to-let landlords? (% band, range options)
• Questions 15-18 are broken down by bedroom number viz. 1-bed, 2-bed, 3-bed, 4-bed or more. Headline readings weighted according to CLG English Housing Survey.
Net balance data:• Net balance = Proportion of respondents reporting a rise in prices
minus those reporting a fall (if 30% reported a rise and 5% reported a fall, the net balance will be 25%).
• The net balance measures breadth (how widespread e.g. price falls or rises are on balance), rather than depth (the magnitude of e.g. price falls or rises).
• Net balance data is opinion based; it does not quantify actual changes in an underlying variable.
• Net balance data can range from -100 to +100.
• A positive net balance implies that more respondents are seeing increases than decreases (in the underlying variable), a negative net balance implies that more respondents are seeing decreases than increases and a zero net balance implies an equal number of respondents are seeing increases and decreases.
• Therefore, a -100 reading implies that no respondents are seeing increases (or no change), and a +100 reading implies that no respondents are seeing decreases (or no change).
• In the case of the RICS price balance, a reading of +10 should not be interpreted as RICS saying that house prices are going up by 10%, but that 10% more surveyors reported increases rather than decreases in prices (over the last three months).
• A change from +30 to +60 does not mean that the variable grew by 30% in one period and by 60% in the next period, but it does indicate that twice as many surveyors reported an increase compared to a decrease than in the previous period.
• Likewise, if we get a reading dropping from +90 to +5, this still means that more respondents are reporting increases than decreases overall, but the breadth of those reporting increases has fallen dramatically; meanwhile, a shift in the reading from -90 to -5 still means that more respondents are reporting decreases than increases overall, but the breadth of those reporting decreases has fallen dramatically.
Seasonal adjustments:• The RICS Residential Market Survey data is seasonally adjusted using
X-12.
Number of responses to this month’s survey:• 310 (representing 544 branches)
Next embargo dates:
• November Survey: 10 December 2015• December Survey: 21 January 2016*• January Survey: 11 February 2016
Andrew Holmes BSc (Hons) Dip Surv MRICS, Kendal, Thomson Hayton Winkley Estate Agents, 01539 815700 - More applicants are chasing fewer properties but, as ever, quality homes and well-presented properties are the most favoured. Buy to let acquisitions are on the rise due to tenant demand and shortage of stock.
Edward Seymour, Berwick upon Tweed, Edwin Thompson, 01289 304 432, edwinthompson.co.uk, [email protected] - The market is still fractured with few first time buyers and unhealthy underlying economic factors - the market is being buoyed by purchasers from out of area.
Mr Terry H Brannen FRICS, Coastal Resorts / Newcastle, Brannen and Partners, 0191 2517878 (4), www.brannen-partners.co.uk, [email protected] - Still strong sales figures being produced for this time of year.
Neil Foster BSc hons, Newcastle upon Tyne, Foster Maddison Property Consultants, [email protected] - October has yielded higher than expected activity, producing some excellent offers. November and December will challenge the sustainability of this upturn in the market.
Paul Mcskimmings BSc MRICS, Newcastle upon Tyne, Edward Watson Associates, 01207 588268 - Continuing strong demand for well-presented family homes. Many investors are buying poor condition sub £50,000 old terraced houses to rent out.
Simon Bainbridge MRICS, Darlington, Savills-Smiths Gore, 01325 370500, savills-smithsgore.co.uk, [email protected] - Plenty of activity and sales at the lower end of the market, but the middle to top end remains very quiet.
Yorkshire & Humberside
Alex Mcneil RICS Registered Valuer, Huddersfield, Bramleys, 01484 530361, www.bramleys.com, [email protected] - No inflation, no real wage growth, job insecurity and incessant public sector cuts are all factors influencing the local economic mood. Would-be house sellers are staying put as we are in a wait and see phase of recovery.
Chris Jowett BSc MRICS, Huddersfield, Jowett Chartered Surveyors, 01484 536799 - From speaking with other Huddersfield and Holmfirth agents, the summer months were busy but market activity has decreased in recent weeks.
I Adams MRICS, Kingston upon Hull, Metropolis, [email protected] - Fewer houses coming onto market.
James Brown MRICS, Richmond, Norman F Brown, 01748 822473, normanfbrown.co.uk, [email protected] - October showed an improvement in buying activity.
Ken Bird MRICS, Wetherby, Renton & Parr, 01937 582731, www.rentonandparr.co.uk, [email protected] - Demand remains strong for realistically priced properties.
Mark John Hunter MRICS, Doncaster, Grice and Hunter, 01302 360141, www.gricehunter.co,uk, [email protected] - A shortage of stock (at saleable prices) continues to be an issue. However, this can, of course, assist in the sale of less popular property which has been on the market for some considerable time.
Michael Darwin MRICS, Northallerton, M W Darwin & Sons, 01609 773567, www.darwin-homes.co.uk, [email protected] - Demand for traditional property and bungalows outstripping supply, new properties are generally small sizes and expensive in comparison.
Nicholas Atkin FRICS, Driffield East Yorkshire, Ullyotts, www.ullyotts.co.uk, [email protected] - Price increases due to steady demand and lack of supply.
Richard J Graves FRICS, Bridlington, D. Dunk, Lewis & Graves, [email protected] - Far fewer instructions and enquiries suggests the winter lull has started early.
North West
Chris Cockwill MRICS, Southport, Cockwill & Co, 01704 827075, www.cockwill.co.uk, [email protected] - High and steady demand for properties up to £225,000 but transactions are frustratingly slow in completing, mainly due to solicitors.
CW Aspden FRICS, Lancaster, Liam Aspden & Co, [email protected] - Construction of new road may inflate values in south east Morecambe.
Derek Coates MRICS, Liverpool, Venmore, 0151 236 0301, www.venmores.co.uk, [email protected] - The market remains active with good levels of activity in all sectors. However lack of new stock is a worry and delays with finance and legal matters is unacceptable.
J J Clayton FRICS, Blackpool, Bentley Higgs, 01253 302928 - High end over £1million has slowed due to stamp duty.
John Halman FRICS, Wilmslow, Gascoigne Halman, [email protected] - The seasonal slowdown in activity appears a little more pronounced this year.
John Williams FRICS, MEWI, Wirral, Brennan Ayre O’Neill Llp, 01513439060, www.b-a-o.com, [email protected] - Supply restrictions continue to put upward pressure on prices.
East Midlands
Christopher Shallice FRICS FAAV, Holbeach, Hix & Son, 01406 422 777 – General market improvement although sales in many cases are extremely laborious, particularly in connection with legal issues.
David Hammond FRICS, Eastwood, David Hammond Chartered Surveyors, 01773 533666, www.david-hammond.co.uk, [email protected] - Sales activity and the number of potential buyers is up. Stock is down.
David Hawke FRICS, Worksop, David Hawke & Co., 01909 531450 - Maybe a better market in terms of instructions and sales than might have been anticipated. Fees under pressure because of virtual agents/websites. (Where you pay the fee whether you sell or not - maybe short sighted).
Kirsty Keeton MRICS, Newark, Nottinghamshire, Richard Watkinson & Partners, 01636 611811, www.richardwatkinson.co.uk, [email protected] - Stock levels remain very low, market becoming stagnant with lack of new instructions prior to traditionally quieter Christmas period. Pent up buyer demand is being forced to withdraw if suitable property is not found.
Martin Pendered FRICS, Wellingborough, Martin Pendered & Co Ltd, 01933 228822, www.martinpendered.co.uk, [email protected] - Prices are driven up by the lack of instructions. Unless the New Year brings more property, prices will continue to rise due to shortage of stock.
Neil Hunt FRICS, Chesterfield, Wilkins Vardy Residential Limited, 01246 270123, www.wilkins-vardy.co.uk, [email protected] - It was heartening to see something of a bounce back after September’s unexpected slow down, with strong sales and healthy new instructions.
Paul Perriam BSc (Hons) MRICS, Nottingham, William H Brown/Bagshaws Residential, 01332 542299, www.sequencehome.co.uk, [email protected] - Shortage of instructions but those properties coming to market are attracting good buyer interest with some selling at over asking price.
Peter Buckingham , Market Harborough, Andrew Granger & Co, 01858 431315, www.andrewgranger.co.uk, [email protected] - Shortage of stock is limiting market activity. Quality of buyers, however, is excellent.
Peter Mountain FRICS, Louth, Peter Mountain, 01507 603 366 - Not much activity. A few sales at the top end of the market are encouraging.
Quentin Jackson-Stops RICS, Northampton, Jackson-Stops & Staff, www.jackson-stops.co.uk, [email protected] - New instructions are slowing down as is normal at this time of year. However, we can look back on a year where we have greatly increased the volume of sales and we hope that we can repeat this in 2016.
Robert Bell FRICS, Horncastle, Robert Bell & Co, 01507 522222, www.robert-bell.org, [email protected] - New instructions have declined but buyer activity remains strong.
Steve Gadsby BSc FRICS, Derby, Gadsby Nichols, 01332 296396, www.gadsbynichols.co.uk, [email protected] - Reduction in enquiry levels, sales and new instructions, considered to be mainly a seasonal effect. Prices now seem to be stabilising.
West Midlands
Colin Townsend MRICS, Malvern, John Goodwin, 01684 892809, www.johngoodwin.co.uk, [email protected] - New instructions down but demand has been sustained leading to a shortage of stock. The exception is the top end which is proving to be challenging. Not enough buyers in this sector and prices are often too ambitious.
Jeremy J. Dell MRICS FAAV, Oswestry, J J Dell & Co, 01681 653437, www.jjdell.co.uk, [email protected] - The market is slowing down running up to Christmas. Work opportunities are declining in this area and this has a knock on effect to produce lower wages which is reflected in the house values.
John Andrews FRICS IRRV, Bridgnorth, Dootlittle & Dalley, 01562 821600 - Still reasonable levels of enquiry for property sales despite the time of year, with new instructions receiving high level of initial interest, both from the internet and newspaper advertising. Volume of sales slowing down compared with summer.
John Andrews FRICS IRRV, Stourport, Doolittle & Dalley, 01562 821600 - Individual properties, particularly those which have been improved, are generating a good level of enquiries. Properties of average condition are slower to sell.
John Andrews FRICS IRRV, Bewdley, Doolittle & Dalley, 01562 821600 - Now entering a quieter period as new instructions reduce due to the time of the year, still good levels of enquiry for existing stock and sales taking longer to complete.
John Andrews FRICS, Kidderminster, Doolittle & Dalley, 01562 821600 - Property still selling well (despite advent of winter) and new instructions generating many enquiries. Sales slightly slower than earlier this year, but still good as Christmas is approaching. Generally a very active market.
John Ozwell FRICS, Solihull, Hunters, 01564 771000 - Stamp duty appears to be a barrier at the top end.
Mike Arthan FRICS, Shropshire, Barbers, [email protected] - Insufficient new stock has come on to the market to replace good level of October sales.
Richard Franklin BSc. (Hons) MRICS, Tenbury Wells, Franklin Gallimore, [email protected] - Stock levels are low and there is a pool of buyers who have sold. Uncertainty on new development close to rural properties is a factor that is impacting response to viewings.
Ryan Williams FRICS, Hay-On-Wye, Mccartneys LLP, 01497 820 778, www.mccartneys.co.uk, [email protected] - Plenty of deals done and more equilibrium between supply and demand as instructions slow seasonally and uncommitted vendors batten down the hatches for winter.
Stephen Smith MRICS, Walsall, Fraser Wood, 01922 629000 - Limited number of new instructions and we are finding that activity is very good at the low end and high end of the market. The middle section, roughly between £150,000 to £250,000, is a difficult market with insufficient buyers.
East Anglia
Alan Williams, Colchester, Fenn Wright, 01206 216551, www.fennwright.co.uk, [email protected] - Still a lot of demand in the market. Any fall throughs we have are re-selling quickly, and often at higher figures.
Andrew Wagstaff MRICS, Burnham Market-North Norfolk, Bedfords, 01328 730500, www.bedfords.co.uk, [email protected] - The market has slowed down markedly during the past 4 weeks due in some part to historically low stock levels. It seems likely that activity will remain relatively static until spring 2016.
Antony Bromley-Martin MRICS, Woodbridge, Bedfords, 01394 779444, www.bedfords.co.uk, [email protected] - At the risk of repeating everyone else - demand is strong for the right property; but, stifled supply is putting upward pressure on values. Above £1m remains subdued.
Chris Philpot FRICS, Stowmarket, Lacy Scott and Knight, 01449 612384, www.lsk.co.uk, [email protected] - The market has now tailed off after a hectic summer, but strong prices are still being achieved. Instead of vendors dropping prices to sell during the last months of 2015, buyers are paying good prices to make a purchase before the winter.
David Knights MRICS, Ipswich, David Brown, 01473 222266 - Still an acute shortage of new instructions but sensibly priced properties continue to sell across the board. The bottom end and middle sectors of the market remain most buoyant.
Jan Hytch FRICS, Norwich, Arnolds, 01603 620551 - Demand still outstripping supply.
Jeffrey Hazel FRICS, Kings Lynn, Geoffrey Collins & Co., 01553 774135 - Very few properties coming onto the market, partly due to potential vendors being unable to find a suitable property to purchase. Demand remains strong.
Mark Wood MRICS, Cambridge, Carter Jonas Bradshaws, 01223 403330, carterjonas.co.uk, [email protected] - A quieter market across all price bands, even including prime city properties. The last week of October particularly quiet which coincides with school half term.
Nigel Steele FRICS, Norwich, Jackson-Stops & Staff, 01603 612333, www.jackson-stops.co.uk, [email protected] - Shortage of new instructions this autumn has led to an early slowing of the market. Whilst sales are still happening, the volume is down and still the upper end i.e. £1m plus is like pulling teeth.
Tom Goodley MRICS, Norfolk, Strutt & Parker, 01603617431, struttandparker.com, [email protected] - There is a lack of quality houses coming to the market in Norfolk, and in some areas pent up demand.
South East
Anthony Webb FRICS, Cobham, Surrey, Trenchard Arlidge, 01932 864242, www.trenchard-alidge.co.uk, [email protected] – Sales market has stalled in the £1 - £3m price range since the Stamp Duty was increased pre-Election. Clearly a political move to counter the Mansion Tax, but repercussions in the property market are disastrous. Stamp Duty needs to reduce for market recovery.
Chris Gooch, Winchester, Carter Jonas, [email protected] - September and October were much quieter than anticipated and price sensitivity remains, however, we are hopeful of seeing stronger buyer activity in the last 2 months of the year.
Clive Rutland FRICS, Southampton, Moses Rutland, 023 8066 3451, www.mosessurvey.com: www.lyingtonsurveyors.co.uk, [email protected] - The dearth of instructions is still the most relevant factor in the continuing gentle increase in house prices. There are no changes in fiscal or monetary policy that are likely to alter this situation.
David Nesbit FRICS, Portsmouth, D.M.Nesbit & Company., 02392 864321, www.nesbits.co.uk, [email protected] - Whilst property auctions are very active, private sales are reducing. The run-up to Christmas may have already started.
David Parish FRICS, Upminster, Gates Parish & Co, 01708 250033, [email protected] - The market is slow due to lack of new instructions. Prices remain stable. The pre-Christmas slowdown has already started.
E M Rook MRICS, Sevenoaks, Knight Frank, [email protected] - Stamp duty causing stagnation over £1.5m.
James Scott-Lee FRICS, London, Home Counties, Herefordshire and Powis, Chancellors Group Of Estate Agents Ltd, 01344408100, chancellors.co.uk, [email protected] - Supply still does not meet demand so autumn market has been good for sellers.
John Frost MRICS, Ashford, The Frost Partnership, 01494 680909, frostweb.co.uk, [email protected] - Strong sales but still very little coming on the market.
John Frost MRICS, Beaconsfield, The Frost Partnership, 01494 680909, frostweb.co.uk, [email protected] - The market is starting to slow down, poor mortgage availability, high expectations from clients and high stamp duty are all factors.
John Frost MRICS, Burnham, The Frost Partnership, 01494 680909, frostweb.co.uk, [email protected] - Property market £500,000 is very active, while £500,000-£800,000 is very slow.
John Frost MRICS, Gerrards Cross, The Frost Partnership, 01494 680909, frostweb.co.uk, [email protected] - Sub £500,000 very strong, £550-£1million good, £1million+ difficult with overvalued stock and real stamp duty issue over £2million+. Strong case for government to review stamp duty over £1million.
John Frost MRICS, Staines, The Frost Partnership, 01494 680909, frostweb.co.uk, [email protected] - October has been slow with regard to new instructions. Sales are still strong, but need instructions.
Martin Allen MRICS, Wingham, Canterbury, Elgars, 01227 720557, www.elgars.uk.com, [email protected] - Very active market with plenty of offers being made but the problems start once accepted and its taking much longer to get to exchange either because of all round caution and/or not enough conveyancers.
Martin Seymour BSc FRICS, Reigate, Crow Watkin, 01737 245886 - There is a general lack of property for sale in this area. Demand remains good, although constrained to an extent by tighter lending criteria. Stamp Duty hikes are a major factor affecting high value property.
Michael Brooker FRICS, Crowborough, Michael Brooker, 01892663377, [email protected] - No pattern. A roller coaster market but good weather creates more activity.
Mike Hewson FRICS, Lingfield, Howard Cundey, 01342 833333, www.howardcundey.com, [email protected] - A better month than anticipated. Good new instructions has led to decent sales and pipeline being maintained. Exchanges slow but we are expecting November to be busier.
Mr A J Norgan FRICS, Hitchin, Hertfordshire, Norgans Estate Agents, 01462 455225, www.norgans.co.uk, [email protected] - Increased market activity following end of summer holiday period. Demand still comfortably exceeding supply in all price ranges.
Peter Mockett FRICS, Romford and Essex, Hilbery Chaplin Residential, 01708 732732, hilberychaplin.co.uk, [email protected] - The market can only be described as buoyant and property of all types are selling fairly quickly. This is partly due to returning confidence in the economy, but also due to the shortage of new instructions.
Philip Hiatt MRICS, East Grinstead, Your Move Philip Hiatt, 01342 321142, www.your-move.co.uk/eastgrinstead, [email protected] - Reasonable level of activity in the month but as ever the key driver is new stock on the market at realistic prices. First time buyers seem to have gone to ground but buy to let interest is still there.
Simon Tearle AssocRICS, Buckingham & Bedford, Robinson & Hall LLP, 01280 428010, www.robisonandhall.co.uk, [email protected] - Slow start to autumn period, picked up through October although there was a slight dip in general activity with school half term.
South West
David J Dark FRICS, Bideford, Seldons Estate Agents, 01237 477997, www.seldons.co.uk, [email protected] - Demand remains high with supply shortages in some sectors of the market. This is putting pressure on prices. If this continues, house prices will rise.
David Lewis Bsc (hons), Plymouth, Stags, 01752 223933, www.stags.co.uk, [email protected] - The greatest problem within the market is a lack of stock, which is causing a great deal of competition between agents and unnecessarily pushing prices up without strong underlying fundamentals.
David Mckillop FRICS, Salisbury, Mckillop and Gregory, [email protected] – A better month than expected with strong instructions and satisfactory sales. Still major problems with delays between sale and exchange. No first time buyers around.
Graham Thorne FRICS FCOIB, East Dorset, Thornes Chartered Surveyors Incorporating Fisks, 01202 684004, www.thornes.org.uk, [email protected] - October has proved to be a difficult month with many matters being delayed and the governments social housing program in disarray due to recent court case and many sales subject to planning.
James Wilson MRICS, Shaftesbury, Jackson - Stops and Staff (Shaftesbury), 01747 850858, www.jackson-stops.co.uk, [email protected] - New enquiries down, sales agreed up but signs that activity is starting to tail off.
Jeff Cole MRICS, Wadebridge, Cole Rayment & White, 01208813595, www.crw.co.uk, [email protected] - The market continues to be patchy with low levels of instructions across North Cornwall compared to last year. There are some very good buyers looking for the correct properties, however, they are looking for fair value for money.
John Corben FRICS FCIArb, Swanage, Corbens, 01929 422284, corbens.co.uk, [email protected] - After an extremely busy year, the market has gone quiet with a falloff in demand and also instructions being received. It is predicted that this trend will continue throughout the winter with an upturn in the spring.
Julian Bunkall FRICS, Dorchester, Jackson-Stops & Staff, 01305 262 123 - Prices are being driven upwards by the lack of new properties coming onto the market.
Mark Annett FRICS, Chipping Campden, Mark Annett & Company, 01386 841622 - We have been busy and the market has been sustained by supply and demand. A shortage of new instructions means buyers have little choice.
Mark Lewis FRICS, North Dorset, Symonds and Sampson, [email protected] - After a quiet September, October has been very strong with buyers competing for limited stock.
Matthew Harvey MRICS, Cotswolds, Tayler and Fletcher, 01451820913, www.taylerandfletcher.co.uk, [email protected] - Supply still limited but becoming more in tune with demand, so reasonably priced properties selling well, but anything overpriced will not sell.
Michael Dukes MRICS, Taunton, Greenslade Taylor Hunt, 01823 277121, www.gth.net, [email protected] - A decent month for agreed sales although more patchy than September. The shortage of stock continues as ever and appraisal numbers are also light, although November is already more encouraging.
Natasha Berry, Gillingham, Dorset, Chaffers Estate Agents, [email protected] - The market is very slow with high demand but low supply.
O F Miles FRICS, Swanage, Oliver Miles, 01929 426655, www.olivermiles.co.uk, [email protected] - A busy October but shortage of new instructions continues to put pressure on prices.
Peter Olivey MRICS, Padstow, Cole Rayment and White, 01841 533386, www.crw.co.uk, [email protected] - New instructions remain the key - Agents must avoid overpricing purely to win instructions. Demand is still strong for correctly priced property.
Peter Sinclair MSc MRICS, Cheltenham, Gloucester and The Cotswolds, Connells Survey and Valuation Ltd, [email protected] - No sign of any slowdown in prices being achieved in certain areas of Cheltenham, and Gloucester to a lesser degree. Still being fuelled by a lack of supply.
Robert Cooney FRICS, Taunton, Robert Cooney Chartered Surveyors & Estate Agents, 01823 230230, robertcooney.co.uk, robertcooney.co.uk - Most sales are needs driven as opposed to aspirational moves and are sub £300k in the main. Top end very sluggish.
Stephen Morris MRICS, Bristol & Bath, Davies & Way, 01225 400400, www.daviesandway.com, [email protected] - Lack of new instructions to meet demand still forcing asking prices upwards.
Wales
Andrew Morgan FRICS, Lampeter, Morgan & Davies, 01570 423623, [email protected] - Picking up momentum although mortgages are still very slow in being processed, even for first time buyers.
Anthony Filice FRICS, Cardiff, Kelvin Francis Ltd., 02920766538, www.kelvinfrancis.com, [email protected] - Reduced numbers of valuations and listings. Increasing numbers of applicants. Demand exceeding supply. Second stepping vendors reluctant in coming to market because of the shortage of properties to buy.
Chris Evans, Chepstow. South Wales, Newland Rennie., 01291 626775, newlandrennie.com, [email protected] - The sales market is quieter the last couple of weeks due to the half term holidays. A noticeable difference.
David James FRICS, Brecon, David James, 01874 624757, jamesdean4property.co.uk, [email protected] - The office has felt quieter this month although sales have been excellent. New instructions have slowed for the first time this year.
David Owen Evans FRICS, Rhayader, Clare Evans & Co, 01597 810457, www.clareevansandco.co.uk, [email protected] - There is more demand than properties available to purchase. There needs to be a wider variety of property on the market.
Melfyn N Williams MRICS, Gwynedd & Anglesey, Williams & Goodwin The Property People Ltd, 01248 751000, www.tppuk.com, [email protected] - October best month of year so far for sales agreed.
Nigel Jones FRICS, Carmarthen, John Francis, 01267 221554, www.johnfrancis.co.uk, [email protected] - Activity in October very similar to September. New instructions still down on 2014 levels. Confidence remains strong and there is value to be found for buyers.
Paul Lucas FRICS, Haverfordwest, R.K.Lucas & Son, 01437762538, www.rklucas.co.uk, [email protected] - Activity has strengthened over the last month. Demand for top drawer properties is still slow.
London
Benson Beard, Chelsea, Bective Leslie Marsh, 020 7589 6677 - Stamp Duty (SDLT) is having a severe effect on the central London market and needs a re-think, soon.
Charles Puxley, Chelsea, Jackson-Stops & Staff, 020 7581 5881 - Prime Central London remains very difficult with virtually no buyers above £5m and those below are very cautious. I cannot see the situation changing in the short term.
Charlotte Holdsworth MRICS, London, Daniel Watney, [email protected] - Stamp duty reforms have had a big impact, the election and a quiet summer caused a dip in transactions too.
James Gubbins MRICS, Pimlico, Dauntons, 020 7834 8000, www.dauntons.co.uk, [email protected] - Activity in the sales market is much improved but though there is an increase in both properties for sale and buyers, these buyers are not in the mood to pay inflated prices.
Jeremy Leaf FRICS, Finchley, Jeremy Leaf, [email protected] - We recorded fewer but more serious buyers with supply rising gradually – especially smaller 1 & 2 bed flats. First time buyer numbers have increased but investors are starting to be wary of changes to tax relief, immigration and possession regulations.
John J. King FRICS, Wimbledon, Andrew Scott Robertson, 0208971 4990 direct, www.as-r.co.uk, [email protected] - Lack of instructions this month, due in part to half term holidays. The market has slowed but we are hoping for a sharp increase in activity levels as we head towards the end of the year.
John J. King FRICS, Merton, Andrew Scott Robertson, 0208971 4990 direct, www.as-r.co.uk, [email protected] - Agents continue to overvalue to win instructions, quite a few reductions happening in the market as a whole as a result. Yet market expectations remain very positive.
Keith Barnfield FRICS, Enfield, Barnfields, 020 8363 3394 - A very strong autumn market. Instructions rising but expected to tail off for usual seasonal reasons in November. Buyer competition intense at times.
Mr Ian J Fergusson Managing Partner BSc FRICS, London & UK, SBVS & Shepherd, [email protected] - Autumn market has been good but central London high value homes perceived to be expensive.
Paul L Whitley FNAEA MARLA, West Drayton, London Borough Of Hillingdon, R Whitley & Co, [email protected] - Crossrail continues to have a dramatic effect on the market. High volume of viewings converting into multiple offers.
Peter Rollings FRICS, Central London, Marsh & Parsons, 02088463496, www.marshandparsons.co.uk, [email protected] - The Autumn market started late in 2015 and the market has been busy from mid-October onwards, due to more realistic asking prices.
Simon Aldous MRICS, London, Savills, 02070163861, savills.co.uk, [email protected] - There has been subdued growth over the last year; properties at over £2m have seen annual falls, below £2m some increases. The market is now adjusting to the SDLT changes.
Scotland
Adrian Stott FRICS, East Lothian, J and E Shepherd, [email protected] - Continued lack of supply helps maintain prices.
Alastair Houlden MRICS, Edinburgh, Rettie and Co, [email protected] - The Autumn market has been a bit sluggish but we have seen increased momentum over the last few weeks which looks set to continue for a while longer.
Alexander Inglis MRICS, Scottish Borders, Ckd Galbraith, 01573 224 244, www.ckdgalbraith.co.uk, [email protected] - Signs of the traditional slow down as we move towards Christmas and the winter weather, but level of sales remains good and the newly reopened Borders railway appears to have helped in some parts of the central Borders.
Andrew Hitchen BSc MRICS, Stirling, J & E Shepherd, 01786 450438, [email protected] - Still the same supply constraints, new vendor enquires remain weak. Other market indicators strong.
Craig Henderson MRICS, Glasgow and West Scotland, Graham & Sibbald, 0141 332 1194, www.g-s.co.uk, [email protected] - As we enter the final quarter of the year, we expect to see the start of the usual last quarter slow down. The market does however remain strong in good areas, and we expect this to continue.
Gillian Munro MRICS, Renfrewshire, Graham and Sibbald, 01418893251, [email protected] - October has been a slightly quieter month for Home Report instructions in Renfrewshire due to the school holidays. We would anticipate a busier month in November before we approach the traditional winter slowdown.
Gordon Macdonald FRICS, Aberdeen & Aberdeenshire, Allied Surveyors Scotland, 01224 571163, [email protected] - Activity reducing as confidence levels are still low. Oil price problem still appears to have some months to run.
Graeme J Lusk BSc MRICS Registered Valuer, East/North Ayrshire, Eastern Dumfries & Galloway, Graham + Sibbald, 01563 528000, www.g-s.co.uk, [email protected] - Levels of new stock coming to the market appear down although quality properties are still going under offer.
Graham Tonner MRICS, Dundee, Graham + Sibbald, 01382200064, [email protected] - Sales and demand to purchase through October have been relatively good although new property coming to the market doesn’t reflect the steady demand. Lack of stock may result in a seasonal slow down.
Greg Davidson MRICS, Perth, Graham + Sibbald, 01738 445733, www.g-s.co.uk, [email protected] - Continued sales at lower level, particularly for family housing, is helping to stabilise the general market. Nevertheless, once you get above averaged priced properties, there are significantly fewer active buyers.
Ian Morton BSc (Hons) MLE MRICS, St andrews, Bradburne & Co., 01334 479 479 - Sales have slowed down due to clock changes and darker evenings. Market has slowed quicker than in previous years.
Kevin Hay BSc MRICS, Ayr, Allied Surveyors, 01292 265381, [email protected] - Sales have been good for October although there is a lack of new stock coming onto the market.
Kevin Macdonald MRICS, Inverness, Graham + Sibbald, 01463 236977, www.g-s.co.uk, [email protected] - October has seen an expected slowdown of new property coming to the market but prevailing buyer activity is still producing sales at acceptable levels. These are typically in line with Home Report valuation. New build schemes also continue to attract interest.
Marion Currie AssocRICS, Castle Douglas, Ckd Galbraith, 01556 505346, www.ckdgalbraith.co.uk, [email protected] - We are still seeing good buyer activity in Dumfries & Galloway, but expect it to fall away over the winter months as usual, recovering somewhat by February 2016.
Ranald Morgan MRICS, Edinburgh, Knight Frank, [email protected] - Two suppressors on the market: 1) LBTT 2) Continued political uncertainty.
Robbie Buchanan MRICS, Kirkcaldy, Graham + Sibbald, 01592266211, www.g-s.co.uk, [email protected] - Demand for houseing continues to be good and some recovery in prices accordingly. Still lower demand for flats in general.
Thomas Baird MRICS, Glasgow, Select Surveyors Ltd, 0141-632-6586, www.selectsurveyors.co.uk, [email protected] - Steady level of instructions for Home Reports in October, higher than expected. Sales are strong but a lack of stock may stifle the market.
Tom Murray AssocRICS, Girvan, Ayrshire, Galloway & Ayrshire Properties, 01465 713498, www.gapinthemarket.com, [email protected] - The market in south west Ayrshire is bit more settled, this has encouraged applicant buyers to come forward and engage in the selling/buying process much more quickly. More interest and a growing number of viewings.
Kirby O’Connor Assoc Rics, Belfast, GOC Estate Agents Ltd, 02890662366, www.gocestateagents.com, [email protected] - The market has quietened down earlier this year but there are still pockets of high demand.
Samuel Dickey MRICS, Belfast, Samuel Dickey Estate Agents, 02890652211, www.samueldickey.com, [email protected] - Sales activity has picked up in October with strong prices being achieved across the board.
Stephen Henry BSc Hons Iavi AssocRICS, Dungannon, Tom Henry & Co, 02887726992, www.tomhenryandco.com, [email protected] - The rise in values in new turnkey stock is not the trend throughout the market. Previous stock is extremely difficult to shift.
Mr Terry H Brannen FRICS, Coastal Resorts / Newcastle, Brannen and Partners, 0191 2517878 (4), www.brannen-partners.co.uk, [email protected] - Very high demand is still ensuring that proprieties are achieving higher than expected rents.
Paul Mcskimmings BSc MRICS, Newcastle upon Tyne, Edward Watson Associates, 01207 588268 - Strong demand for all locations and property types.
Yorkshire & Humberside
Alex Mcneil RICS Registered Valuer, Huddersfield, Bramleys, 01484 530361, www.bramleys.com, [email protected] - Rental demand remains strong in most sectors with average void periods falling this year.
Chris Jowett BSc MRICS, Huddersfield, Jowett Chartered Surveyors, 01484 536799 - Tenant demand still strong. A recent apartment has increased in rent from £525 pcm in 2012 to £595 pcm in October 2015.
I Adams MRICS, Kingston upon Hull, Metropolis, [email protected] - Strong demand from Eastern Europe.
Michael Darwin MRICS, Northallerton, M W Darwin & Sons, 01609 773567, www.darwin-homes.co.uk, [email protected] - Steady demand provided landlords and agents expectations are not too high.
Nicholas Atkin FRICS, Driffield East Yorkshire, Ullyotts, www.ullyotts.co.uk, [email protected] - Consistent demand for 2,3 and 4 bedroomed properties.
North West
J J Clayton FRICS, Blackpool, Bentley Higgs, 01253 302928 - We consider the greatest rental growth will be 3+4 bed houses over the next 2/3 years.
John Halman FRICS, Wilmslow, Gascoigne Halman, [email protected] - Slow early October but picking up - both lets and instructions.
Richard Towler BSc MRICS, Penrith, Eden Lettings & Management, 01768 899421, [email protected] - Despite new building taking place, the lettings market is holding up, partly because potential buyers have difficulty with mortgages and deposits. This is a low wage area.
East Midlands
Christopher Shallice FRICS FAAV, Holbeach, Hix & Son, 01406 422 777 - Strong demand but many poor quality applicants making applications.
John Chappell BSc.(Hons), MRICS, Skegness, Chappell & Co Surveyors Ltd, 01754 769673, www.skegnesssurveyors.co.uk, [email protected] - Still a shortage of 2/3 bed houses available to rent, which is where most demand lies at the moment.
Martin Pendered FRICS, Wellingborough, Martin Pendered & Co Ltd, 01933 228822, www.martinpendered.co.uk, [email protected] - Tenant demand still exceeds supply. Some landlords are selling in the improved market, reducing the letting stock. Demand for BTL houses still growing.
Peter Buckingham , Market Harborough, Andrew Granger & Co, 01858 431315, www.andrewgranger.co.uk, [email protected] - Demand is exceeding supply.
Will Ravenhill MNAEA MARLA, Leicester, Readings, 0116 2227575, www.readingspropertygroup.com, [email protected] - After a very buoyant summer for lettings, we’ve now hit something of a wall. We have 99.5% occupancy on our managed stock, but very few new instructions. This will keep rents high.
West Midlands
Colin Townsend MRICS, Malvern, John Goodwin, 01684 892809, www.johngoodwin.co.uk, [email protected] - Shortage of new stock. Rental values will rise.
Dean Taylor MRICS, Harborne, Fishers, 0121 4281000, www.fishers.co.uk, [email protected] - We find ourselves in the same position we have been in for a number of month now. We have a strong demand but simply no supply.
Jeremy J. Dell MRICS FAAV, Oswestry, J J Dell & Co, 01681 653437, www.jjdell.co.uk, [email protected] - There is evidence the demand for this area has lessened although availability is tight.
John Andrews FRICS IRRV, Bridgnorth, Dootlittle & Dalley, 01562 821600 - Demand still outstripping supply with multiple applications for every property that becomes available. More stock needed to satisfy demand.
John Andrews FRICS IRRV, Stourport, Doolittle & Dalley, 01562 821600 - A shortage of family sized properties to let and more are needed to satisfy demand. Flat are letting well when rents are competitive and overall a healthy rented accommodation market.
John Andrews FRICS IRRV, Bewdley, Doolittle & Dalley, 01562 821600 - An active market with most properties which become available letting quickly and in some instances receive multiple applications. More property needed to satisfy demand.
John Andrews FRICS, Kidderminster, Doolittle & Dalley, 01562 821600 - Still very high levels of enquiries for all types of rented properties, with demand still outstripping supply. Although new housing association properties are available to let, private rented property letting very well.
John Ozwell FRICS, Solihull, Hunters, 01564 771000 - Consistent demand in all ranges.
Linda Daniel, Nuneaton., Cartwright Hands., 02476 350700, Cartwright hands, [email protected] - Still a major shortage of new instructions, rents are still very high given the lack of available property.
Mike Arthan FRICS, Shropshire, Barbers, [email protected] - Not enough property available for the increasing number of tenants.
Richard Franklin BSc. (Hons) MRICS, Tenbury Wells, Franklin Gallimore, [email protected] - Market quieting down a little, with family stock available. Landlords concerned with new regulations and impact of Finance Act and interest re-charge in 2017 being mentioned.
Ryan Williams FRICS, Hay-On-Wye, Mccartneys LLP, 01497 820 778, www.mccartneys.co.uk, [email protected] - Good demand and supply. Landlords getting better at reinvesting to improve their chances of a better tenant and to maximise rents.
Stephen Barber, Stafford, Bridgfords, 01785212112, [email protected] - Rental market remains good but could do with more properties to rent.
Stephen Haigh, Birmingham, Pennycuick Collins, 0121 4531700, [email protected] - Demand is high for the right sort of property. Landlords should note that well-kept property lets easily and quickly, and there seems to be a surplus of below standard property available.
Stephen Smith MRICS, Walsall, Fraser Wood, 01922 629000 - We are seeing strong demand from tenants at present.
Chris Philpot FRICS, Stowmarket, Lacy Scott and Knight, 01449 612384, www.lsk.co.uk, [email protected] - Still strong demand, and as sale prices rise, rents follow suit.
Jan Hytch FRICS, Norwich, Arnolds, 01603 620551 - Demand is high, supply is low. Therefore, rents have risen.
Nigel Steele FRICS, Norwich, Jackson-Stops & Staff, 01603 612333, www.jackson-stops.co.uk, [email protected] - Demand is patchy and not as strong as earlier in the year.
South East
David Parish FRICS, Upminster, Gates Parish & Co, 01708 250033, [email protected] - Rents have peaked. There is a lack of tenant demand and available properties remain unoccupied.
F R Mecklenburgh FRICS, Watford, LP and M, 01923255888, lpandm, [email protected] - Demand steady and fewer instructions. Some growth for conversions from commercial.
James Scott-Lee FRICS, London, Home Counties, Herefordshire and Powis, Chancellors Group Of Estate Agents Ltd, 01344408100, chancellors.co.uk, [email protected] - Supply still does not meet demand so autumn market is good for landlords.
Jeremy Q Fisher MARLA, Beaconsfield, The Frost Partnership, 07776 297202, www.frostweb.co.uk, [email protected] - Beaconsfield has seen a slowdown in tenant activity and, although new stock is hard to come by, what does come on the market is letting if the price is realistic.
Jeremy Q Fisher MARLA, Burnham, The Frost Partnership, 07776 297202, www.frostweb.co.uk, [email protected] - Burnham has seen tenant registration decline but the quality of those that are registering remains good. Instructions are still slow.
Jeremy Q Fisher MARLA, Feltham, The Frost Partnership, 07776 297202, www.frostweb.co.uk, [email protected] - Feltham is very busy with new tenants registering but still needs more new landlords. Letting whatever comes on the market.
Jeremy Q Fisher MARLA, Gerrards Cross, The Frost Partnership, 07776 297202, www.frostweb.co.uk, [email protected] - Gerrards Cross has seen tenant registration decline especially in the top end of the market. 1 and 2 bedroom flats are getting good interest but the 3 and 4 bedroom properties are not attracting high levels of interest.
Jeremy Q Fisher MARLA, Langley, The Frost Partnership, 07776 297202, www.frostweb.co.uk, [email protected] - Langley has seen a slowdown in new tenants registering but those that are seem to be good quality. The new instructions that are coming on are letting quickly.
Jeremy Q Fisher MARLA, Slough, The Frost Partnership, 07776 297202, www.frostweb.co.uk, [email protected] - Slough is very busy with new tenants and seeing better levels of new landlords coming to the market. Those that are coming on are letting quickly.
Jeremy Q Fisher MARLA, Staines, The Frost Partnership, 07776 297202, www.frostweb.co.uk, [email protected] - Staines is very busy with an increase in new instructions and strong tenant demand on the back of this. The increase in instructions has come from strong buy to let investment in some recent new developments.
Jeremy Q Fisher MARLA, Windsor, The Frost Partnership, 07776 297202, www.frostweb.co.uk, [email protected] - Windsor has seen tenant registration reduce as a result of less new instructions coming to the market. Tenant quality is still good but need more new instructions.
John Frost MRICS, Burnham, The Frost Partnership, 01494 680909, frostweb.co.uk, [email protected] - Good instructions, tenant interest low.
John Frost MRICS, Gerrards Cross, The Frost Partnership, 01494 680909, frostweb.co.uk, [email protected] - Similar to sales - low end strong, top end difficult. Buy to Let acquisitions stronger now, particularly on ‘low end’ new developments - good for market supply for lettings - difficult for first time buyers.
Martin Allen MRICS, Wingham, Canterbury, Elgars, 01227 720557, www.elgars.uk.com, [email protected] - In spite of an active sales market let properties are still keenly sort after and rents are continuing to rise mainly because of a shortage of properties.
Michael Brooker FRICS, Crowborough, Michael Brooker, 01892663377, [email protected] - Very busy with high demand.
Peter Mockett FRICS, Romford and Essex, Hilbery Chaplin Residential, 01708 732732, hilberychaplin.co.uk, [email protected] - The lettings market is very active but unfortunately remains unregulated with little legislation is in place.
S B B Askaroff BSc (Hons) MRICS, Eastbourne, Estatewise, 01323 412010 - Market remains competitive and still high number of poor quality applicants with poor credit - guarantors becoming increasingly required.
Simon Tearle AssocRICS, Buckingham & Bedford, Robinson & Hall LLP, 01280 428010, www.robisonandhall.co.uk, [email protected] - All aspects of the lettings market remain buoyant.
Stuart Gray MRICS FAAV, St Albans, Strutt & Parker LLP, 01727 840285, www.struttandparker.com, www.struttandparker.com - A higher than usual autumn turnover of tenants, mainly a result of their buying houses elsewhere.
Tom White MRICS, Saffron Walden, Audley End Estate, 001799 541354, [email protected] - Good quality property continues to let swiftly to discerning tenants who seem prepared to move very quickly.
Yvonne Cox, Heathfield, Countrywide Residential - Freeman Forman, 01435 862766 - Letting market still has strong demand from tenants. Stock is low with landlords selling but trying to keep fees as reasonable as possible.
Zaza Oswald FARLA, Winchester, Carter Jonas, 01962 876838, www.carterjonas.co.uk, [email protected] - Good quality, well finished contemporary property lets fast, properties that are in need of refurbishment and modernising are dropping in value.
South West
John Corben FRICS FCIArb, Swanage, Corbens, 01929 422284, corbens.co.uk, [email protected] - We have a good number of rentals available for the first time this year, with less tenant applications.
Mark Annett FRICS, Chipping Campden, Mark Annett & Company, 01386 841622 - Landlord instructions seem to have slowed as has tenant demand.
Matthew Harvey MRICS, Cotswolds, Tayler and Fletcher, 01451820913, www.taylerandfletcher.co.uk, [email protected] - Lack of supply with increased demand is causing upward pressure on rents.
Paul Oughton MARLA, Cirencester and Cotswolds, Moore Allen & Innocent LLP, 01285 651831, www.mooreallen.co.uk, [email protected] - Very good applicant numbers and a recent increase in new rental stock to meet demand.
Wales
Anthony Filice FRICS, Cardiff, Kelvin Francis Ltd., 02920766538, www.kelvinfrancis.com, [email protected] - Demand for 2 bedroomed properties strong, no signs of demand weakening. Encouraging Landlords to increase their portfolios.
David Owen Evans FRICS, Rhayader, Clare Evans & Co, 01597 810457, www.clareevansandco.co.uk, [email protected] - Tenant demand continues to exceed available supply.
Melfyn N Williams MRICS, Gwynedd & Anglesey, Williams & Goodwin The Property People Ltd, 01248 751000, www.tppuk.com, [email protected] - Lettings market remains confident for quality homes.
Nigel Jones FRICS, Carmarthen, John Francis, 01267 221554, www.johnfrancis.co.uk, [email protected] - Getting good stock is the key as demand remains strong.
London
Benjamin JC Mire BSc (Est Man) FRICS, London NW9, Trust Property Management, 02083586565, www.trustplc.com, [email protected] - The market has once again exceeded all expectations. Rents are rising due to shortage of supply with landlords taking advantage of the situation and tenants having no alternative but to pay.
Charlotte Holdsworth MRICS, London, Daniel Watney, [email protected] - There is so much stock on the market that rents have come down - applicants can be picky and the stock has to be the best.
James Gubbins MRICS, Pimlico, Dauntons, 020 7834 8000, www.dauntons.co.uk, [email protected] - Most tenants are still preferring to renew rather than move and agreeing realistic rent reviews. Very few notices have been received due to the limited stock available.
Jeremy Leaf FRICS, Finchley, Jeremy Leaf, [email protected] - On lettings, September/October has been busy as usual with improvements in supply of 2 bed flats in particular. However, some landlords are getting carried away with some positive media comment and trying to raise rents to unrealistic levels.
John J. King FRICS, Wimbledon, Andrew Scott Robertson, 0208971 4990 direct, www.as-r.co.uk, [email protected] - Viewing numbers increased this month with more longer term tenancy agreements happening that usual.
John J. King FRICS, Merton, Andrew Scott Robertson, 0208971 4990 direct, www.as-r.co.uk, [email protected] - The number of investors still purchasing new builds continues to fuel stock levels. Maybe a direct result of uncertainty in house prices.
Paul L Whitley FNAEA MARLA, West Drayton, London Borough Of Hillingdon, R Whitley & Co, [email protected] - Demand remains strong. Supply came in waves during the month but satisfying result at end of it.
Peter Rollings FRICS, Central London, Marsh & Parsons, 02088463496, www.marshandparsons.co.uk, [email protected] - Somewhat stock constrained but with a busy buy to let market, good stock coming to market towards the end of the month.
Simon Aldous MRICS, London, Savills, 02070163861, savills.co.uk, [email protected] - Rental growth has been negligible in the last quarter in prime London. Smaller less expensive properties are letting quickly.
Scotland
Gordon Macdonald FRICS, Aberdeen & Aberdeenshire, Allied Surveyors Scotland, 01224 571163, [email protected] - Big increase in availability of all types of property as redundancy levels in oil and gas sector begin to bite.
Ian Morton BSc (Hons) MLE MRICS, St Andrews, Bradburne & Co., 01334 479 479 - A few more properties vacant than usual at this time of year. Rents are levelling out due to slight oversupply.
John Gell MRICS, Inverness, Simply Let, 01463 718888, www.simplylet.biz, [email protected] - The Inverness market continues to be buoyant and, with new buy-to-let investors adding to supply, is broadly in balance.
Neil J Woodhead FRICS, Renfrewshire, Castle Estates, 01475784781, www.castle-estates.co, [email protected] - Experiencing withdrawal from market by retired owners due to increasing costs in regulation compliance. Majority looking to reinvest elsewhere.
Ronald G Smith MRICS, Cumbernauld, J&E Shepherd, 01236 780000, www.shepherd.co.uk, [email protected] - Strong prices within mid to upper sections of the market continue to be driven by low stock levels.
Sabrina Mischok, Galashiels, Edwin Thompson LLP, 01896 751300, www.edwinthompson.co.uk, [email protected] - Border Railway has seen an increase in tenants from outside the Borders.
Northern Ireland
Kirby O’Connor Assoc RICS, Belfast, GOC Estate Agents Ltd, 02890662366, www.gocestateagents.com, [email protected] - Rental market has finally quietened down but still more demand than supply.
Samuel Dickey MRICS, Belfast, Samuel Dickey Estate Agents, 02890652211, www.samueldickey.com, [email protected] - Rental activity is growing - 1 in 5 people in Northern Ireland live in rented accommodation. The market remains strong.
Stephen Henry BSc Hons IAVI AssocRICS, Dungannon, Tom Henry & Co, 02887726992, www.tomhenryandco.com, [email protected] - Massive increase in social housing in the locality is already having an adverse effect on rental values in some specific areas.
James Scott-Lee FRICS, London, Home Counties, Herefordshire and Powis, Chancellors Group Of Estate Agents Ltd, 01344408100, chancellors.co.uk, [email protected]
Housing and lettings market data (questions 1-11 and 14-17) Gold package: £1,550 pa
Housing market and lettings market data package (questions 1-21). This is the complete data set excluding the bedroom breakdown.
Platinum package: £2,050 pa
Housing market and lettings market data (questions 1-21). This is the complete data set including the bedroom breakdown for questions 12-13 and 17-18.
• RICS supports academia and will supply the full data set for free subject to the usual restrictions. • For the list of questions, see notes to editors.• All packages include the entire historical back set, the regional breakdown and where applicable the seasonally and not seasonally adjusted data.• All subscription enquiries to: [email protected]
Market surveys and reports
RICS Economics’ market surveys and reports are available for free from the RICS website at www.rics.org/economics
These include:
• The monthly UK Residential Market Survey• The quarterly UK Construction Market Survey• The quarterly UK Commercial Market Survey• The semi-annual UK Rural Market Survey• The quarterly Global Commercial Market Survey • The monthly RICS/ Ci Portuguese Housing Market Survey • The monthly UK Economy and Property Market Chart Book
Information
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