August 2020 saw another month of uplifts in buyer inquiries and transactions, as the UK property market continued to rebound following months in lockdown.
Summary:
- Data from the Royal Institution of Chartered Surveyors (RICS) shows that activity in the UK property market in August continued to remain high
- 63% of surveyors reported a rise in interest in residential property over the month, with 61% also reporting an increase in sales
- The research also found a greater demand for properties with gardens and access to outdoor space following life in lockdown
UK property’s post-lockdown bounce back continued in August.
New figures from the Royal Institution of Chartered Surveyors (RICS) shows sustained growth in the number of new residential property inquiries and sales over the month.
This continues a period of increased market activity since it ‘reopened’ at the start of June, following the UK’s national coronavirus lockdown.
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In RICS’ August UK Residential Survey, 63% of members questioned responded by saying they saw an increase in people interested in buying a property. For the third month in succession, there was also growth in the number of sales completed; in August, 61% of respondents noted they’d recorded an uplift in new sales agreed.
And confidence amongst buyers was matched by sellers, too. A net balance of +46% of respondents reported an increase in the number of properties being listed for sale in August.
This activity has had a notable impact on property prices in the UK. According to a net balance of +44% of those that took part in the survey, house prices increased during August, up from a balance of +13% in July. The survey also found that this price growth is happening across all regions of the UK except for London, where average values have flatlined over the last two months.
Analysing the findings, Simon Rubinsohn, Chief Economist at RICS, commented: “The latest RICS survey provides firm evidence of a strong uplift in activity in the housing market, which should help support the wider economy gain traction over the coming months.”
In addition to highlighting the buoyant nature of the UK property market, the survey also picked up on some of the emerging trends in the UK following life in lockdown. Specifically, the increased demand from buyers and tenants on property with a garden, or with easy access to outdoor green space.
83% of surveyors stated that they believe properties with a garden will be in high demand for the next two years. 79% stated the same for property near to green space, and 68% agreed the next two years will increase demand for property with private outside space.
Source: Select Property Group