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The UK Real Estate Agents have reported that the most widespread increase in property that comes to the pandemic market, according to research, suggests that lower interest rates have increased the sales activity.
The Royal Institution Chartered Geodeta announced on Thursday that the new sales instructions index increased to 25 in January, the ninth consecutive positive reading and the highest level of September 2020.
The index follows the difference between the proportion of agents reporting the increase in new housing lists and those who report the reduction.
Agents have reported a reduced number of real estate that came to the market for most of the three years to 2023, as growing interest rates hit the accessibility of mortgage and the demand of customers. However, Bank of England He has reduced the costs of borrowing three times since August 2024, and is expected to reduce interest rates again this year, helping to recover in mortgage approval and the wider real estate market.
Shaun Brannen, Director of the Brannen & Partners Real Estate Agency, said it was “a very strong start for the New Year. The instructions are at very high levels.”
Separate data published earlier this month Halifax’s lender has shown that home prices are Rose is more than expected to a new record in January. The Bank of England reported last month that mortgage approvals increased in December and increased by 28 percent in the year.
Although the number of instructions coming to the market is “encouraging”, John Frost, director at the Frost Partnership Agency, said “customers are very careful.”
Tracking the RICS Index has been agreed that the sale has slowed down in January, to a net balance of three compared to seven in December.
With the increase in entries and weakened sales, the study emphasized the “noticeable” increase in the stock of real estate agents, an average of 45 censuses per branch, compared to 41 years before.
Stock levels are also significantly higher than record low of 34 recorded in September 2022, which indicated the strictest supply since RIC began to monitor data in 1978.
The prospects for the sale of the house remained positive, with a net sald of 10 percent of real estate agents, expected sales increase in the next three months, and a net 30 percent expected an increase in the year that is the upcoming.
Tarrant Parsons, head of RICS Market Analytics, said the latest research showed that the demand of the customer “lost a little momentum” in January, but respondents still “predicted a slightly positive short-term prospect” for sales activity.
