The RICS (Royal Institute of Chartered Surveyors) UK Housing Market survey for September revealed a fall in the number of new homes being put up for sale during the month as a result of the uncertain economic outlook. 5% more surveyors than the previous month reported that the supply of property fell rather than rose.
Despite the reduction in supply there was an increase in new buyer enquiries with 3% more chartered surveyors reporting an increase in demand. And, whilst it is clearly still a difficult market sales are taking place on realistically priced properties.
With house prices broadly static, and mortgage interest rates forecast to remain low for the foreseeable future, now could be a good time to buy or indeed trade up.
To get an indication of what your current property may be worth, L&C have a handy house price calculator. This uses the average of the Halifax and Nationwide house price indices to establish an approximate value. You can also use L&C’s borrowing calculator to find out how much you may be able to borrow to buy a new property. Armed with this information you can assess how realistic it may be to make a move at present.
Surveyors are also predicting that investors in some parts of the UK will snap up property rather than invest elsewhere as rental yields have improved considerably. This could in turn start to push the price of property up. Overall, if you’re contemplating getting onto the housing ladder or move home there are good reasons now to at least assess your options.