The latest National Housing Market Monitor report from haart paints a positive picture of the UK’s housing market from a month-on-month perspective. Data from over 100 nationwide branches lead the agency’s CEO to say we are returning to a traditional pre-Brexit property cycle, although year-on-year figures show there is still some recovery to come.
Paul Smith commented: “The UK property market surged in February. New buyer registrations rose by 20% on the month and are up 14% on the year, taking the demand to move home up to a level not seen since the month after the UK voted to leave the EU. Viewings rose across the country, transactions increased in London by 15%, the number of homes being put on the market began to improve.”
The lettings market also showed increases, with the number of tenants entering the market across the UK up 15.4% on the month and average rents up 0.9%. More landlords registering to buy property (up 14.8% on the month) and an 18.3% month-on-month rise in sales to property investors also indicated confidence returning to the buy-to-let sector.
Paul Smith concludes: “The important thing now is to get on with the business of building homes. Housebuilding is still not at the level needed to rectify the UK’s housing shortage. The Government’s latest reforms to the planning system could go some way to rectify this, but the Green Belt remains off limits for large scale development of family homes.”