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Financial News: UK Housing Market Activity Strengthens In October

UK Housing Market Activity Strengthens In October

11/12/2020 - 00:45:00 (RTTNews)

(RTTNews) - The UK residential market activity strengthened in October as guidelines permit the market to stay open during the second lockdown, survey results from the Royal Institution of Chartered Surveyors, or RICS, showed Thursday. The house price balance advanced unexpectedly to 68 percent from 62 percent in the previous month. The expected balance was 55 percent.

However, the net balance of surveyors forecasting near-term rise in house prices dropped to 13 percent from 22 percent in September.

The survey showed that new buyer enquiries improved in October driven by rise in demand. Following the lockdown induced slump seen early this year, a balance of 46 percent reported an increase in buyer enquiries.

At the same time, the survey's indicator tracking new instructions coming onto the sales market remained in positive territory for a fifth successive month, posting a net balance of +32 percent, but down from +38 percent a month ago.

With regards to transaction volumes, a national net balance of +41 percent of contributors registered a rise in agreed sales in October.

Looking ahead, sales expectations for the coming three months remained moderately positive, returning a net balance of +17 percent versus +16 percent in the previous month.

On the other hand, sentiment towards the twelve-month sales outlook was more downbeat, with a net balance of -27 percent of respondents anticipating sales will begin to weaken over the longer time-frame.

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