Updated: Jul 10
The Royal Institution of Chartered Surveyors (RICS) has issued its latest monthly survey for the month of May. This survey polls estate agents and surveyors in England.
This survey confirms that the housing market continues to improve since lockdown was lifted specifically for housing on 13 May 2020. The survey reports that near term sales expectations are now broadly neutral while the 12-month outlook improves slightly.
In isolation, the metrics reported don't read well, however when you compare these to April, it is evident that the housing market is improving:
a net balance for new buyer enquiries changed from a record low of -94% in April to -5% in May
the agreed sales indicator was at -35% compared with -93% in April
a net balance of -20% of respondents stated that new instructions coming onto the market continued to fall, significantly less than -97% in April
In an extra question included in the May survey, contributors were asked for their views on potential shifts in the desirability of certain features within properties over the next two years (owing to recent events). Of note:
81% think there will be an increase in desire for properties with gardens or balconies.
74% think there will be a shift in demand towards homes located near green spaces
68% think that properties with greater private and less communal space will become more desirable.
And here's all the data:
To learn more about this survey, click here.
Do any of these preferences resonate with you and if so, which one is relevant? As usual, let us know at email@example.com.