Housing market picks up across East Anglia after spring slump
Residential property sales are picking up across the region after lull earlier in the year, surveyors say.
The Royal Institute for Chartered Surveyors’ (RICS) residential market survey showed the number of prospective buyers in the East of England had increased for the second consecutive month in November with 21% more surveyors reporting a rise in new buyer enquiries.
With demand up there were more agreed sales with 33% more respondents reporting growth in activity over the month, the second-highest reading of 2016.
Simon Rubinsohn, RICS chief economist, said: “Although there are some signs that the numbers may begin to edge upwards in the new year, the combination of macro uncertainty, the on-going supply shortfall, with stock levels around historic lows, and the myriad of tax changes impacting on buyers suggest that any pick-up in activity will be relatively modest.
“This is significant not just for the housing market itself but also for the wider economy given how much of consumer spending is tied in with home purchases.”