More choice is returning to the housing market, with agents reporting a rise in new instructions in both the sales and lettings markets.
The net balance of respondents reporting a rise in new sales instructions was positive for the first time in a year. Letting instructions were positive for the first time since July 2020 (latest RICS survey March 2022).
Demand for properties to buy and rent remains high however, and a continuing shortage of properties is likely to underpin price growth. Despite economic headwinds, price growth seems set to remain in positive territory over the next year.
The RICS net balance score is based on the proportion of survey respondents reporting a rise, less those reporting a fall in instructions. Source: Dataloft, The Royal Institution of Chartered Surveyors (net balance of survey participants)