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Business News Wales
3 days ago
- Business
- Business News Wales
Surveyors Cautious About Outlook for Housing Market as Supply Weakens
Surveyors in Wales remain cautious about the outlook for the housing market with demand subdued and supply weaker, according to the latest Royal Institution of Chartered Surveyors (RICS) Residential Market Survey. A net balance of 1% of surveyors in Wales reported that prices rose over the past three months. Although muted, this is higher than the average UK balance which sits at -13%. However, looking forward surveyors are cautious when it comes to pricing as a net balance of -18% expect prices to fall over the next three months. Although remaining in negative territory, this is up slightly from the -21% that was seen in the June report. On the demand side, a net balance of -30% of survey respondents in Wales reported that new buyer enquiries fell through July which is the lowest this balance has been since February of this year. And market supply levels appear to have dipped too. A net balance of -8% of surveyors in Wales report that new instructions to sell fell through July, which is the first time this balance has appeared in negative territory since October 2024. With demand and supply both subdued, sales also fell through July. A net balance of -55% of Welsh surveyors reported a fall in newly agreed sales. And similar to pricing, surveyors are hesitant on the outlook with a net balance of -13% of respondents in Wales expecting sales to fall over the next three months. Regarding the rental market, Welsh surveyors report that both tenant demand and landlord instructions fell flat through July. Subsequently, surveyors in Wales expect rents to be flat over the next three months. Commenting on the sales market, Anthony Filice, FRICS, Kelvin Francis Ltd said: 'Activity in viewings and sales is starting to slow with the holiday season, but viewers are serious, and sales are being agreed. Vendors need to be realistic in pricing, but confidence remains amongst buyers.' Discussing the lettings market, David James, FRICS of James Dean added: 'There is still a shortage of rental properties on the market.' Commenting on the UK picture, RICS Chief Economist, Simon Rubinsohn, said: 'The somewhat flatter tone to the feedback to the July RICS Residential Survey highlights ongoing challenges facing the housing market. Although interest rates were lowered at the latest Bank of England meeting, the split vote has raised doubts about both the timing and extent of further reductions. Meanwhile, uncertainty about the potential contents of the Chancellor's autumn Budget is also raising some concerns. Against this backdrop, respondents continue to report that the market remains particularly price sensitive at the present time.'
Business News Wales
12-06-2025
- Business
- Business News Wales
Increased Choice for Welsh Homebuyers as Supply Increases and Fewer New Buyers Active
The number of house sales in Wales fell at the fastest rate seen since early 2023 according to the latest Royal Institution of Chartered Surveyors (RICS) Residential Market Survey, and surveyors are cautious about the outlook. A net balance of -43% of respondents in Wales report that the number of house sales fell through the month of May. This is the lowest this balance has been since February 2023. Looking ahead, a net balance of -20% of respondents expects sales to continue to fall over the next three months. House prices are anticipated to be broadly flat in the same timeframe having risen marginally over the past three months. (A net balance of 7% of Welsh surveyors reported that house prices rose between March and May.) Regarding demand, a net balance of -7% of surveyors in Wales reported a fall in new buyer enquiries, which is a key factor in the cautious outlook. And with supply levels having seen an upturn – with a net balance of 49% of Welsh respondents noting a rise in new instructions to sell – those who are looking to purchase residential property appear to have increased choice. With regard to the lettings market, respondents in Wales report that both tenant demand and landlord instructions fell broadly flat in the most recent survey. As such, surveyors in Wales anticipate that rents will fall broadly flat over the next three months. Commenting on the sales market, William Graham, Chartered Surveyor of Graham & Co in Newport said: 'Despite little change in mortgage rates, valuation instructions have increased, and there is still a shortage of good quality well maintained houses in all prices.' On the lettings market, Anthony Filice, FRICS of Kelvin Francis Ltd in Cardiff added: 'Some, mainly older, landlords are selling up, whilst others, slightly younger, are buying some of these, adding to their portfolios. Rents have stabilised, with some landlords considering lower offers of rent.' Commenting on the UK picture, RICS Senior Economist, Tarrant Parsons, said: 'Sentiment across the UK residential property market remains somewhat subdued, with ongoing uncertainty around global trade policies and the dampening effect of transactions being brought forward ahead of the Stamp Duty changes at the end of March continuing to weigh on buyer activity. 'However, near-term sales expectations are showing signs of stabilisation, suggesting that while muted conditions may persist in the short term, a further deterioration appears unlikely. Looking ahead, the outlook is more optimistic, with respondents anticipating a gradual recovery in sales activity over the next 12 months. 'That said, the pace and extent of any improvement will partly depend on the Bank of England's ability to continue cutting interest rates.'
