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RICS: September was booming marvellous for agents, but what about next year?

Buyer enquiries, agreed sales and new listings all increased last month and will continue to do so until Christmas.

Nigel Lewis

hunters estate agents

Buyer enquiries, agreed sales and new listings continued to boom last month, RICS member estate agents have reported.

Its monthly market report reveals a net balance of 52% of those surveyed experiencing an increase in buyer enquiries, the fourth month in a row strong demand has driven the housing market.

A similar proportion of estate agents reported increasing requests for appraisals, saying the sales pipeline will remain ‘solid’ for several months to come.

This is along with a net balance of 55% enjoying strong growth in sales, particularly in East Anglia, the South West and Yorkshire & the Humber.

Many agents also expect the sales boom to continue right up until the Christmas shutdown, says RICS, although fewer are certain that house prices will continue to rise in the longer term.

Link to Covid-19 business featureAndy Soloman (left) of Yomdel, says: “Agents tell us triaging leads and prioritising next best steps are their main concern.

“They’re even talking about not taking more instructions and concentrating on preventing chains breaking so deals go through.

“But while pipelines are at record levels, the real challenge is not only closing existing transactions and keeping costs down, but also building new opportunities while planning for more uncertain times to come.”

RICS says more estate agents are worried about the future, particularly after Boris Johnson this week predicting that social distancing rules will continue for another year.

Simon Rubinsohn - RICS - image“There is increasing concern that the combination of significant job losses over the coming month allied to the scaling back of policy initiatives in early 2021 will have an adverse impact on transaction levels,” says Simon Rubinsohn (left), RICS Chief Economist.

Also, letting agents have reported similar market buoyancy across the UK except in London, where the closure of thousands of offices has severely weakened demand among younger tenants for rented property.

 

October 8, 2020

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