Residential market stagnant ahead of election: RICS

Its figures show that buyer enquiries and new instructions continued to fall in November, although the pace of decline eased.

RICS says much of the anecdotal commentary suggests that uncertainty surrounding the General Election and Brexit are continuing to stifle activity.

Survey contributors are still continuing to report an annual decline in the level of market appraisals undertaken, suggesting there is little prospect of a material pick-up in sales listings in the immediate future.

However, the twelve-month outlook is also now pointing to a pick-up in both sales and prices on a UK-wide basis.

35% of respondents expect sales to increase in a year’s time, the highest reading since February 2017, with a solid increase in transactions envisaged across virtually all regions covered in the survey.

Over the next twelve months, prices are expected to return to growth across all areas of the UK with Wales and Northern Ireland leading the way.

Adrian Moloney, sales director at OneSavings Bank, commented: “This continued downward trend will do little to quash buyer’s concerns. With the outcome of the general election in sight, buyers and sellers will be waiting for clarity on the future direction of the market.

"Housing will be a priority for whichever political party comes into power. A commitment to developing housing stock, particularly affordable housing, will boost activity in the market and allow a greater number of buyers to take the next step and capitalise on record low mortgage rates.”