The housing market recovery continues with demand for newly agreed sales and the flow of supply having all increased. Strength in demand has supported house price growth with indices reporting annual growth in July. There may be a little caution in the market as the furlough scheme is due to end in October and other government initiatives come to a close; however, forecasts remain optimistic.
Sales were up by 5.8% in London, in the last 12 months, compared to the previous 12 months.
Looking at the months ahead, we expect transactions to increase over the next few months, reflecting the surge in newly agreed sales, which take time to complete. July RICS residential survey reported a net balance of over 26% of agents expecting sales to increase over the next three months, and slightly decrease for the next twelve months, under 10% of agents reflect caution over the furlough scheme due to end in October and the stamp duty holiday ending in March. However, the Office for Budget Responsibility central scenario expects transactions to reach 750,000 this year and almost 1.5 million in 2021. The increased housing market demand is supporting UK house price growth and the RICS residential survey reports a net balance of over 8% of agents expecting house prices to increase over the next twelve months. The Office for Budget Responsibility upside and central scenario expect house prices to remain subdued in 2020, however both anticipate strong price growth in 2022.
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