Many of our customers know that we like to take an analytical approach to the property market and we also know that everyone loves a good market prediction! So here is a short one for the next 3 months based on the latest RICS sentiment survey of chartered surveyors. Property and rental prices are expected to continue to climb over the next three months. Interestingly to see surveyors are more optimistic about the short-term outlook for rents, with +58 expecting rental values to increase over the next few months, compared to +21 for house prices.
Both the sales and lettings market are blighted by stock shortages and the rental market specifically is suffering from falling landlord instructions at a time when demand from renters is increasing, this could possibly be due to lack of stock in the sales market. I still believe that now is a great time to buy an investment property due to the ever-increasing demand and lack of new properties coming on to the rental market. If you need any advice on buy to let, please call the office and ask for Ben.
The 12-month outlook is starting to ease slightly for house prices but remains positive. The rate of growth in rents is expected to overtake that of house prices over the next 5 years due to the continued shortage of rental properties.
Source: Dataloft, RICS (net balance score is calculated by the proportion of survey respondents reporting a rise minus those report a fall in the given indicator)