Property market ‘buoyant’ but downturn expected

The UK housing market remained buoyant last month as the post-lockdown bounce continued, however experts have warned that sales are expected to weaken in the year ahead. The Royal Institution of Chartered Surveyors said its house price index shot up unexpectedly to +61 from +44 in August. According to RICS, house price growth has continued to accelerate in all regions, except for more modest rises in London. There was exceptionally strong growth in East Anglia, the South West, and Yorkshire and the Humber. Buyer enquiries, agreed sales and new listings all remained strong in September, with surveyors expecting sales to keep rising in the next three months. However, this near-term view is “becoming increasingly at odds with the longer term view”, RICS said, with surveyors seeing sales falling back next year as they expect more job losses once the furlough scheme is withdrawn. The Times looks at evidence from property professionals showing signs of the impending slowdown.

City AM (08/10/2020)   Daily Mail (08/10/2020)  The Daily Telegraph (08/10/2020)   The Times (08/10/2020)