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Buyer interest in UK house market grows for first time since 2016

Key Points
  • RICS has recorded a rise in buyer interets for the first time in almost three years.
  • Data suggests that most parts of the U.K. enjoyed a modest house price growth during June.
  • London and the South East of England are still witnessing price falls.
Tony Baggett | Getty Images

The U.K. housing market has largely shrugged off Brexit uncertainty to record an increase in new buyers for the first time in almost three years.

The Royal Institution of Chartered Surveyors (RICS) said Thursday that June witnessed a 10% increase in buyer enquiries across the country. The last time RICS recorded a month-on-month rise in buyer interest was November 2016.

The body said its indicator of new instructions from sellers also edged into positive territory for the first time in a year.

RICS said there was still a large undersupply of U.K property available with stock levels on estate agents' books "still around record lows."

All parts of the U.K. indicated a modest house price growth during June except for London and the South East, and east of England. RICS said the measure pointed to a "flattish" picture of national price growth over the next six months.

Simon Rubinsohn, chief economist at RICS, said the latest data provided evidence of a stabilizing sales market but a rush of house transactions was unlikely.

"I don't get the impression from the insight provided by contributors that this is fuelling hope of a significantly more active market going forward," said Rubinsohn in a press release.

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