Copy article

UK RICS House Price Balance Survey

Journalist: Newsteam, Newsteam

ended 14. March 2024

The RICS UK Residential Market Survey house price balance.

 The survey released 14th March 2024,  measures the gap between the percentage of respondents seeing rises and falls in house prices, rose to -10 in February 2024 from -18 in January, the least negative reading since October 2022. The latest figure also improved for the sixth month in a row and came in above forecasts of -11. In London, the turnaround in the price indicator is slightly more pronounced with this measure across the capital rising from -68% in September 2023 to stand at +5% in February. Looking ahead, a net balance of +36% of respondents across England and Wales now envisage house prices returning to growth at the twelve-month time horizon (up from a reading of +18% last month). source: Royal Institution of Chartered Surveyors (RICS)

  • Are we seeing a rise in House Prices advertised ?
  • Will this trend continue throughout 2024 ?
  • What impact will this have on mortgages ?

4 responses from the Newspage community

Copy all

Copy

Editor
Darryl Dhoffer
Founder at The Mortgage Geezer
Yet another source of data, showing that the UK property market has largely remained resilient to a previous technical recession we have encountered, high inflation, higher interest rates and a cost of living crisis.
Be interested to see if these figures correspond to Land Registry data, for the same period, which we wont see until later in the year.
Copy

Editor
Dariusz Karpowicz
Director at Albion Financial Advice
The doom and gloom headlines predicting a massive drop in housing prices didn't materialize. In fact, the latest figures from the RICS UK Residential Market Survey suggest the market is on the upswing, despite higher mortgage rates than we saw two years ago. With house price balances becoming less negative and even turning positive in London, we're witnessing a clear shift. This upward trend, evidenced for six consecutive months, may very well continue through 2024. As house prices stabilize or rise, mortgages may adjust to reflect these new valuations, potentially leading to varied borrowing costs for homebuyers.
Copy

Graham Cox
Director at Bridging Hub
RICS latest survey reveals a growing expectation that property prices will increase over the coming year. With wage growth over 6 per cent and inflation falling away, it's certainly possible. But there are strong headwinds as well, with anaemic growth, discretionary income slashed, and mortgage rates stubbornly high. So I suspect we'll see a small drop in property prices this year, perhaps around 5%.
Copy

Gary Bush
Financial Adviser at MortgageShop.com
The latest statistics release from the Royal Institution of Chartered Surveyors (RICS) confirms what financial advisers, Halifax, and Nationwide Building Society have been saying for some time now - the tide has turned on the UK property market showing growth occurring. It's not quite yet a feel-good factor, but it's definitely a feel-better factor that's rising across the country. We expect surveyors to now start acknowledging the positive swing in their survey reports and property valuations - to further improve mortgage applicants' circumstances.