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Yorkshire housing market continues to recover

The housing market in Yorkshire and Humber is continuing to improve as buyer demand remains strong and the number of homes sold in the region increased last month, the August RICS (Royal Institution of Chartered Surveyors) Residential Market Survey reports.

Despite the holiday season, would-be buyers continued to return to the market during August, as 30% more surveyors in the region logged uplift in buyer enquiries.

With increasingly accessible finance allowing more people to enter the market, the number of homes sold in the region also increased during August, with 82% more surveyors reporting a rise rather than a fall in newly agreed sales (compared with 50% in July).

Along with improved buyer confidence, the number of homes coming on to the market also remained positive, with 27% more surveyors in the region reporting increases in new instructions. With positivity returning to areas across Yorkshire, it appears that those who may have been waiting for the right time to sell are choosing to do so now.

In addition, respondents expect to see house price growth over the coming three months, with 32% more surveyors predicting rises than in July. Meanwhile, transaction levels are also expected to grow, as 31% more surveyors expect sales to rise in the next three months.

Tim Waring FRICS, of Knight Frank said: “We’re seeing an improving market in Yorkshire, with increasing viewings and sales. However, there is a danger of a “disconnect” if sellers harden their stance on pricing, as buyers are still expecting discounts. This could lead to some market stagnation, at least in the short term.”

Peter Bolton King, RICS global residential director, commented: “It’s not surprising that more and more people are looking to sell their homes. The buyers are out there and prices are on the up, so for people looking to move it’s a good time to do so.

“What we don’t want to see, however, is prices rise to such an extent that they become unaffordable. For the market to work properly, it’s vital that property is both accessible and affordable as the housing sector continues to recover.”

This was posted in Bdaily's Members' News section by David Gatehouse .