RICS Residential Market Survey March 2023-When disaggregated, the downturn in buyer demand remains widespread across the UK
.Metrics on buyer enquiries, agreed sales and new instructions all remain negative
• House prices still falling at the national level
• Twelve-month sales expectations point to a more stable trend emerging further out
Looking at new buyer enquiries, a headline net balance of -29% of contributors reported a fall in demand during March (more or less unchanged from a reading of -30% last month). When disaggregated, the downturn in buyer demand remains widespread across the UK, with virtually all regions/countries posting a negative reading in the latest returns.
December 2022 UK Residential Market Survey (PDF 0.80MB)
Alongside this, the supply backdrop remains tight, with the volume of fresh listings coming onto the market falling slightly during March according to respondents (net balance -6% vs -4% previously). Likewise, the number of appraisals undertaken over the month
continues to run below the level seen during the same period last year, with the net balance for this series sitting at -20% (albeit this is the least depressed reading since August 2022). Meanwhile, the inventory on agents books was little changed over the month.
As we noted Last Month a year is a long time in Bubble Land.
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UK Resi Market Survey #RICS
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Roger Lewis, CEO of Home@ix writes this Blog, and the opinions expressed are his alone.