- Balance of 8% more surveyors reported an increase in buyer enquiries
- But supply declined for seventh month in a row
- Prices rose everywhere except London and the North East in September
Homebuyer demand has picked up for the first time in seven months as a paucity of properties for sale props up prices, according to a new survey.
In September, a balance of 8 per cent more estate agents reported an increase in buyer enquiries, compared to June, when a balance of 34 per cent of surveyors recorded a drop in demand. This is the first time since February that net demand has picked up.
The Royal Institution of Chartered Surveyors said the return of interest by property seekers was a sign that the market was settling down after the slowdown caused by the introduction of higher stamp duty and Brexit concerns.
But the number of new homes coming onto the market fell for the seventh straight month, with the imbalance between demand and supply expected to continue to drive prices higher.
‘In fact, with the exception of a few months around the turn of the year, the flow of new stock coming to market has dwindled continuously over the past two years,’ RICS said.