UK house prices expected to return to growth next year, Rics survey shows | house price

House prices across the UK are expected to grow again in the next 12 months following an increase in new property listings and buyer interest, according to an industry poll.

Property prices stabilized in March after months of decline due to the impact of high interest rates and the cost of living crisis, according to the latest monthly snapshot from the Royal Institution of Chartered Surveyors (Rics).

Tarrant Parsons, chief economist at Rics, said the March survey results showed a gradual recovery in demand across the UK housing market, with new buyer inquiries rising for the third month in a row.

He said the inflation situation had become a little less challenging recently, leading to expectations that the Bank of England could start cutting interest rates later this year. Accordingly, while near-term sales expectations point to an improving outlook, the scope for any acceleration in activity will remain relatively limited given mortgage rates are set to remain well above 2020/21.

Buyer demand continued to grow, according to the survey, with net balance respondents citing an increase in new buyer inquiries in March, the sharpest increase since February 2022.

On the property supply side, new listings coming onto the market for sale increased for the fourth consecutive month, with more than 13% of respondents reporting a net increase in new instructions in March.

The Rics survey is one of several closely watched indicators of housing market sentiment. Earlier this month, Halifax said house prices fell 1% (2,908) in March compared to February, while Nationwide reported similar figures.

Official statistics show UK house prices have been falling since July 2023, but prices have started to stabilize in recent months.

Rics said the March survey showed house prices had stabilized at headline levels and forward-looking indicators suggested an upward trend could emerge later this year.

The report found that respondents continue to expect home prices to grow again over the next 12 months. Moreover, all regions of the UK are expected to see house prices rise over the coming year, with sentiment particularly strong in Northern Ireland, London and Scotland.

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