RICS records third successive monthly fall in number of property listings

The UK’s housing market suffered a third consecutive monthly fall in the number of new properties coming onto the market in June, according to the latest Residential Market Survey published by the Royal Institution of Chartered Surveyors (RICS).

Surveyors across the UK reported a decrease in new property listings, with the net balance standing at -34% in June – a further deterioration from -24% returned in May.

RICS stated that the rate of new enquiries from budding house buyers was moderating in June – with the net balance of respondents seeing an increase easing to +14%, down from +43% back in April. The survey findings suggested this is happening across all regions of the UK, and coinciding with the stamp duty holiday beginning to taper off.

With demand increasing and supply continuing to falter, RICS added that it is “no surprise” this has had an upward effect on house prices, with a net balance of +83% of the survey’s respondents reporting an increase.

Looking ahead, a net balance of +56% respondents are anticipating house prices to continue rising over the next 12 months at the national level.

RICS chief economist, Simon Rubinsohn, said the survey’s findings are “unanimous” in highlighting the challenge around supply in the sales and rental markets.

“The feedback is consistent with further increases in both prices and rents over the coming year,” Rubinsohn said. “While the role the credit channel and the extended period of ultra-low interest rates can’t be ignored, it is critical the government is able to create the conditions to support higher levels of new build development to address the worsening affordability challenge.

“But it is not just a numbers game with an uplift in delivery needed across all tenures including both social and private rent alongside home ownership.”

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