The results of the January 2017 RICS UK Residential Market Survey again point to a sales market that is lacking momentum, with transaction volumes and enquiries both seeing relatively little change over the month (on a seasonally adjusted basis). Meanwhile, a shortage of supply remains a challenge in the lettings market - an issue that could worsen over the medium term - as respondents expect landlords to decrease their portfolios over the next three years.
Starting with the sales market, new buyer enquiries were more or less unchanged during January, with a net balance of only 5% of surveyors reporting an increase in demand (the softest reading since August 2016). Having held broadly steady over the past three reports, the flow of fresh sales listings coming to market deteriorated over the period. As such, the national new instructions indicator has now failed to post a positive in reading in eleven consecutive months. This has ensured average stock levels on agent’s books remain close to historic lows.
Source : RICS