Andy Sommerville, director of Search Acumen, comments:
“Confidence levels among hopeful homeowners have fluctuated significantly over the past 12 months, as the ripples of economic and political uncertainty around the EU referendum have led many to delay any decision on their sale or purchase. However, recent activity shows signs of the market calming down with interest from new buyers increasing in the UK for a third consecutive month. These positive noises from those looking to buy a home are reflected in the surveyors’ predictions of a modest rise in activity over the coming months.
“Demand, however, has never been the hurdle in the industry. The supply shortage, on the other hand, continues to be the stumbling block and it is no surprise that nine continuous months of no increase in new properties arriving on the market has caused many to forecast a dreary beginning to 2017.
“As 2016 comes to a close and we welcome in the New Year, it is time that the property sector receives the jump-start it desperately needs. The Housing Infrastructure Fund announced in the Autumn Statement is a step in the right direction but these targeted investments must be quickly executed to make a significant impact. Further funding and much more innovative thinking from government will be required to prevent our housing crisis crossing the line of no return, with first time buyers losing all hope of home ownership.”