A new survey by the Royal Institution of Chartered Surveyors indicates that homebuyer demand has increased for the first time in six months as a scarcity of available properties drives prices up.
In September 8% more estate agents reported increased buyer queries, compared to June, when decreased demand was recorded by 34% of surveyors. The September rise is the first time that overall interest has picked up.
The Royal Institution of Chartered Surveyors (RICS) regarded the rejuvenated interest as a sign that the market was evening out after the decrease attributed to Brexit worries and the higher stamp duty. However, the number of available properties has decreased for the seventh month in a row, creating an imbalance that drives the prices higher.
RICS representatives stated that the flow of new homes coming to market has dwindled nonstop over the past two years. Consequently, estate agents have little stock to work with and the properties that are available are higher priced.
An estimated 17% of surveyors saw prices go up in September, compared to 13% in August.