The Royal Institution of Chartered Surveyors (RICS) has reported a modest recovery in the UK housing market in February 2024. New buyer enquires rose for the second consecutive month and signals an upward trend in buyer demand.
Supply of property coming the market has also increased which correlates with an increase in market appraisals being requested by potential sellers. This could be an indication of supply continuing to rise.
After a period of mostly declining headline prices the RICS report evidence of stabilisation in pricing during January and February 2024 and the possibility of house price growth returning during 2024.
In the rental market, tenant demand continues to grow but the growth rate is easing. Landlord instructions continue to constrict with the effect of reducing supply. Overall rents are expected to rise over the near term.
If you are considering selling or letting your property Oakwood offer a free market appraisal service. Please contact either Sophie or Lydia at enquiries@oakwoodpropertyservices.co.uk or call the office on 0161 941 4228.
Oakwood Property Services
March 2024
