@RICSnews: phenomenal property sales see prices surge

The RICS Residential Market Survey for April is out today: https://www.rics.org/globalassets/rics-website/media/knowledge/research/market-surveys/final—april_2021_rics_uk_residential_market_survey_tp.pdf

Sarah Coles, personal finance analyst, Hargreaves Lansdown comments:

“Property is the new toilet roll. Buyers are clamouring to get their hands on the dwindling number of properties on estate agents’ books. Homes are getting snapped up at a frenetic pace and at ever-higher prices. And surveyors are expecting more of the same this summer.

They’re reporting a phenomenal month for sales across the country – with average sales per surveyor at their highest for years. However, they’re complaining bitterly about the mismatch between buyers and sellers and the lack of new properties coming to the market. This means on average they have just 40 properties left on their books, and they’re not hanging around. The ratio of sales to stock is back at the levels we last saw in the early 2000s.

House price rises have continued to accelerate, and in the immediate future we can be reasonably confident this will continue. A combination of the stamp duty holiday, government guarantees for high loan-to-value mortgages, the race for space, and the seasonal surge, should mean a hectic summer and yet more price rises. Of course, the pandemic always has the power to throw a spanner in the works, and new strains could slow the opening up of the economy and suck some of the optimism from the market. However, at the moment, estate agents look set for a bumper summer.”

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