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British housing continued to outpace supply, increasing pace in March

 


According to a survey released on Thursday, UK housing supply could not keep up with March’s demand. This is because agents have received numerous new inquiries regarding the stamp duty extension.

According to the latest report from the Royal Institute of Chartered Surveyors (RICS), the increase in buyer inquiries in March is the largest since September. The survey included 277 responses from 526 real estate agents and appraisal offices.

Respondents also said supply is improving, but the pace of new listings cannot keep up with increasing demand. Some had more ratings in March than at the same time in 2020, which means more listings will be coming online soon.

According to the report, about half of respondents said the deal was closed in March, with the best outlook since August. And there are reasons to be optimistic in the near future.

The short-term sales outlook is now the most optimistic since January 2020, according to the report, and sales expectations across the UK are positive. That said, this increase in sales is likely to be concentrated in the coming months, and the 12-month expectation series is consistent with a more modest increase in future sales.

According to the survey, home prices are also rising nationwide. The majority of respondents say prices have risen with the highest growth in Northern Ireland as well as North West, Yorkshire and Humber.

Most respondents expect prices to continue to rise as long as stamp duty holidays persist, the report said.

Although the market was slow until the stamp duty extension was announced [but] Since then, acquisitions and sales have soared, Matthew Ward, a partner at Reading-based Haslams Surveyors, said in a report. This seems to be considered the last chance to buy with reduced stamp duty before things go back to normal.

Stamp duty holidays, which originally expired in March, were fully extended to June and reduced completely in September. Holidays stop transfer tax on the amount of homes up to 500,000 (US $ 687,237).

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