09 December 2016
Housing market ‘to make slow start to New Year’
A shortage of new properties coming up for sale could get the housing market off to a slow start in 2017, surveyors have suggested.
In recent weeks, the number of homes available has been impacted by tight supply conditions and a rise in the volume being bought, the Royal Institution of Chartered Surveyors (Rics) indicated.
In its latest update, the group revealed that a net balance of 30% of surveyors saw house prices rise rather than fall in November. That is the strongest figure witnessed since April.
And 13% more surveyors saw a rise in new buyer enquiries rather than a fall, indicating that demand among home-buyers has picked up.
But the number of new properties entering the market was flat last month, the Rics said.
Simon Rubinsohn, chief economist at the body, said tax reforms and a supply shortage mean any improvement in sales activity heading into the New Year might be fairly "modest".