RICS report uncovers sales drop as stamp duty holiday winds down
A four-month run of growth in home buyer enquiries has come to an end as the government’s stamp duty holiday begins to wind down, according to the Royal Institution of Chartered Surveyors (RICS).
New buyer enquiries shrank in July with a net balance of -9% of respondents to the RICS’ latest residential market survey seeing a fall, down almost 20% from June’s balance of +10%.
The previous four months had all seen positive net balances as the stamp duty holiday contributed to a sustained boom in the UK housing market.
The number of agreed sales also dropped in July with -21% of survey respondents reporting a dip, with sales volumes slowing most notably in Yorkshire & the Humber, the East Midlands and East Anglia.
But with the number reporting a fall in new listings dropping from a balance of -35% reported in June to -46% last month, house prices may continue to rise.
A balance of +78% of respondents reported rising house prices in July, although this was slightly below the +82% reported in May and June.
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