Housing market sees respite after challenging year

Buyer demand has stabilised, leading to a slight recovery in home sales, according to the Royal Institution of Chartered Surveyors (Rics). The volume of newly agreed sales, although still falling, is at its least negative since March 2022. Professionals predict a solid recovery in home sales volumes in 2024. House prices continue to follow a downward trend, but the negative pressure is diminishing. It also now takes 18 weeks on average to complete a sale, compared with 20 weeks back in September 2023, the report said. Looking ahead, prices are expected to continue edging downwards before stabilising by the end of the year. Tenant demand in the rental sector has risen, leading to rising rental prices. Rics senior economist Tarrant Parsons stated that “nevertheless, the lending climate is set to remain restrictive compared to much of the post-global financial crisis era next year, meaning any uplift in activity is likely to be limited for the time being.” 

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