The number of landlords looking to buy property in September dropped sharply, indicating a degree of caution ahead of the Autumn Budget.<\/p>\n
The RICS UK Residential Market Survey revealed there was a net -38% of landlord instructions to conveyancers, an indicator of buyer sentiment.<\/p>\n
RICS predicted rental growth of 3% over the next year, in part due to the lack of landlord buyer interest.<\/p>\n
Agreed sales across the market fell for a third consecutive month in September, by a net -16%.<\/p>\n
Tarrant Parsons, head of market research and analytics at RICS, said: \u201cThe housing market continues to struggle for momentum, with seemingly no clear catalyst on the horizon to spark a turnaround over the near-term.<\/p>\n
\u201cBuyer demand remains subdued, while agreed sales are still on a downward trend, reflecting a broader hesitancy in the market.<\/p>\n
\u201cOngoing uncertainty around potential measures in the upcoming Budget is also likely adding to the prevailing cautious sentiment.\u201d<\/p>\n
The Autumn Budget will take place on 26 November.<\/p>\n
For buyers the current situation represents a potential opportunity to buy at a discount, as a net -15% saw house price decline across the South East and East<\/p>\n
\t <\/p>\n
Anglia, while much of the rest of the UK indicated more modest declines.<\/p>\n
Scotland and Northern Ireland were outliers, where RICS agents experienced minor price rises.<\/p>\n
Jeremy Leaf north London estate agent and a former RICS residential chairman, said: \u201cThe imminent arrival of the Renters\u2019 Rights Bill and other regulations, which are likely to add to costs and difficulty of regaining possession, has given further impetus to landlords minded to sell.<\/p>\n
\u201cConversely, the amount of choice for buyers \u2013 often of smaller flats and houses \u2013 as well as weaker demand has made it more of a struggle than many anticipated so some are returning to lettings.<\/p>\n
\u201cDemand remains steady so there\u2019s a strong possibility that rents will resume a more rapid upward trajectory sooner rather than later.\u201d<\/p>\n
Tom Bill, head of UK residential research at Knight Frank, said: \u201cActivity in the UK housing market has been building since April, a month when confidence was dented by higher rates of stamp duty and tariff-related turmoil on financial markets.<\/p>\n
\u201cDemand has been supported by stable mortgage rates and downwards pressure on asking prices due to high levels of supply.<\/p>\n
\u201cHowever, there is a creeping mood of hesitation as November\u2019s Budget moves onto the radar and a game of \u2018guess the tax rise\u2019 takes place for the second successive year.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The number of landlords looking to buy property in September dropped sharply, indicating a degree of caution ahead of the Autumn Budget. The RICS UK Residential Market Survey revealed there was a net -38% of landlord instructions to conveyancers, an indicator of buyer sentiment. RICS predicted rental growth of 3% over the next year, in […]<\/p>\n","protected":false},"author":1,"featured_media":4364,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-4363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n