The number of prospective buyers in the UK housing market has increased for the third consecutive month in November, however the figure remains at historically low levels.
Sales activity in the UK residential market is increasing yet a slow start to 2017 is expected according to the November RICS Residential Market Survey.
The number of prospective buyers in the UK housing market has increased for the third consecutive month in November, while 9% more respondents across the country reported a growth in activity.
The survey suggests that the beginning of 2017 will be a quiet one reflecting the lack of fresh properties coming to the market.
The strongest price growth was reported in the West Midlands and the North West of England for the second consecutive month.
Simon Rubinsohn, chief economist at RICS, said: “There are some signs that the numbers may begin to edge upwards in the New Year.
“However, the combination of macro uncertainty, the on-going supply shortfall, with stock levels around historic lows, and the myriad of tax changes impacting on buyers suggest that any pick-up in activity will be relatively modest.
“This is significant not just for the housing market itself but also for the wider economy given how much of consumer spending is tied in with home purchases.”
Tenant demand continues to outpace supply across most areas and rents are expected to continue to rise.
