Search Acumen comments on the RICS Residential Market Survey for January 2016

Print This Post

11 February 2016


Search Acumen200Andy Sommerville, director of Search Acumen, comments on the RICS Residential Market Survey, January 2016:

“Housing supply has risen – a drop in the ocean, but a much-needed one given the strain this early-2016 rise in house prices will place on homebuyers looking to move in the first quarter, in the middle of the buy to let fever.

“The housing problem is a national issue, but with London’s population reaching a peak all-time high of 8.6m, the concentration of new housing developments in the city is welcome and will provide some respite to city dwellers.

“As expected, buy to let reforms have the market in thrall, and surveyors, estate agents and conveyancers are going to be kept very busy in the first quarter; however, this spike is merely a redistribution of annual volumes as BTL landlords look to complete their transactions before the April deadline.

“The market is going to stabilise, or even slow down slightly, once these transactions that would have otherwise happened later in the year, are complete.

“The lack of landlord instructions in spite of a growing need for rental properties, however, is a foreboding sign of rent becoming even more unaffordable for younger people, and this problem may get worse if landlords decide to simply pass on the extra stamp duty costs to their tenants in the year ahead.

“The only solution to ever-rising rents is to increase the number of rental properties in the market.”

 



Associate News is provided by Legal Futures Associates.
Find out about becoming an Associate



Legal Futures Blog

Rethinking ‘quality versus quantity’

Andrew Lloyd 2017

The ‘quality versus quantity’ discussion has been prevalent in conveyancing firms for as long as I can remember. Sacrifice one to achieve the other is the common perception – but should we really see these elements as mutually exclusive? According to the Chancellor’s Autumn Statement, the UK lags behind the US and Germany by some 30 percentage points when it comes to productivity, meaning a German worker takes four days to produce what a British worker does in five.

February 15th, 2017