RICS predict static house sales13 January 2020
The RICS Housing Forecast 2020 predicts the apparent certainty with Brexit following the election will do little to invigorate the housing market alone and will require government action as a priority.
Shortage of stock, estate agent transactions at an all-time low, cautious buyers and overpriced housing in some areas indicates little likelihood of any substantial activity for 2020. All of which gives developers little incentive to roll-out new-build developments.
“Momentum across the UK housing market has remained relatively subdued, with new buyer demand showing little impetus going into the New Year,” said Tarrant Parsons, RICS Economist.
Rents, on the other hand, are set to rise with demand continuing to outstrip supply.
“It is imperative that the new administration hits the ground running and makes headway into the plethora of housing pledges within the Conservative manifesto – ensuring they actually deliver holistic policy, as well as moving the housing sector forward with a consistent and long-term approach,” said Hew Edgar, RICS UK Head of Engagement and Cities Strategy.