The housing market in Yorkshire and Humber is continuing to improve as buyer demand remains strong and the number of homes sold in the region increased last month, says the August RICS (Royal Institution of Chartered Surveyors) Residential Market Survey.
Despite the holiday season, would-be buyers continued to return to the market during August, as a net balance of 30 percent more surveyors in the region reported increases in buyer enquiries.
With increasingly accessible finance allowing more people to enter the market, the number of homes sold in the region also increased during August, with 82 percent more surveyors reporting a rise rather than a fall in newly agreed sales (compared with 50 percent back in July).
In tandem with improved buyer confidence, the number of homes coming on to the market also remained positive, with a net balance of 27 percent more surveyors in the region reporting increases rather than decreases in new instructions. With positivity returning to areas right across Yorkshire and Humber it seems those who may have been waiting for the right time to sell are choosing to do so now.
Respondents expect to see price increases over the next coming three months, with a net balance of 32 percent more surveyors predicting rises in house prices. Meanwhile, transaction levels are also expected to grow, as 31 percent more surveyors expect sales to rise rather than fall over the coming three months.
Across the country, each region saw supply increase as the recovery continues to spread from the South East of England to other areas. The South West and the North East, in particular, saw the number of new homes coming onto the market rise significantly.
Tim Waring, FRICS of Knight Frank says: “We’re seeing an improving market, with increasing viewings and sales. However, there is a danger of a “disconnect” if sellers harden their stance on pricing, as buyers are still expecting discounts. This could potentially lead to some market stagnation at least in the short term.”
Peter Bolton King, RICS Global Residential Director, said: “It’s not surprising that more and more people are looking to sell their homes. The buyers are out there and prices are on the up so if you’re looking to move it’s a good time to do so. What we don’t wish to see, however, is prices rise to such an extent that they become unaffordable. For the market to work properly, it’s vital that property is both accessible and affordable, and we’ll be monitoring the situation very carefully as the housing sector continues to recover.”