The UK housing market starts its way to recovery after RICS’s key index of values fell to the lowest since 2010. It took fourteen months for house prices to recover after 2008, and about 18 months after 2010. There are no signs that the current recovery will be any faster than that.
Knight Frank reported signs of a boost in the property market. A record number of offers were accepted outside London in the week to June 6. It corresponds well with the projection of the Royal Institution of Chartered Surveyors (RICS). Buyers are likely to increasingly favour properties with gardens or balconies and more excellent private space, and turn away from tower blocks and urban areas.
Rightmove reported asking prices almost 2 per cent higher than in March. There are no signs of panic selling.
Based on the results of the regular survey, RICS expects rents in the lettings market to fall across the UK. This is expected for the coming three months, but rents will stabilise at the twelve-month horizon. At the five year horizon, rental growth projections stand at around 2.5% per annum, in comparison with prices rising by about 2%.
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