The property market is on hold as it awaits today’s election results and what will happen with Brexit, the RICS has reported.
The November Residential Market Survey revealed a dip in new instructions, putting average stock levels on the books of agents close to record lows at approximately 41 properties per branch.
There is little sign of a pick-up in new listings for the start of 2020, with agents continuing to identify a yearly decline in the level of appraisals.
Respondents also reported a third consecutive slide in new buyer enquiries, with 9% more reporting a decline rather than a rise.
More also reported a fall rather than rise in newly agreed sales during November, although the net balance reading improved from -18% to -8% between October and November.
The RICS said: “Much of the anecdotal commentary suggests that uncertainty surrounding the General Election and Brexit are continuing to stifle activity.”
Despite the low levels of appraisals, there are signs of confidence returning to the market, the RICS claims.
The report found that 35% of respondents expect sales to rise rather than fall in a year’s time, the highest reading since February 2018.
RICS agents are also confident about activity over the next three months, with 11% more expecting an increase rather than decrease in sales, up from 5% in October.
Simon Rubinsohn, chief economist for the RICS, said: “Confidence is critical to a well-functioning housing market and whatever happens in the General Election today, it is important that the new government provides reassurance both over the stewardship of the economy and the ongoing challenges around Brexit which continues to be highlighted in a disproportionate number of remarks made by respondents to the RICS survey.
“Significantly, despite the inevitable near-term concerns, the feedback regarding the medium-term view of the market remains surprisingly sanguine with the twelve-month sales expectations indicator at its best level since the early part of 2017.”
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