Rics: Market boom to persist until end of the year

Booming housing market activity is expected to continue into the new year, according to surveyors. The Royal Institution of Chartered Surveyors (Rics) said house-hunter numbers increased for the fifth month in a row in October and sales are expected to remain buoyant for the remainder of 2020 as the surge in demand from people looking to relocate after lockdown had not yet dissipated. Its latest survey found that a net balance of 46% of property professionals reported that new buyer inquiries increased in October. New instructions to sell also remained strong, with a balance of 32% of professionals reporting an increase in new instructions. Average stock levels moved up from 42 properties per branch to 43 in October, while a balance of 41% of professionals saw sales increase rather than decrease during the month. However Rics added that the outlook for next year remains subdued amid the expected withdrawal of government support measures.

The I (11/11/2020)   Daily Mail (11/11/2020)  The Times (11/11/2020)