UK House Sales Predicted to Grow for First Time in a Year
The UK housing market is predicted to grow for the first time in a year, according to a report from the Royal Institution of Chartered Surveyors (RICS). The report, which was released on April 12th 2023, states that the number of sales in the UK is expected to increase in the coming months.
The Impact of the Pandemic
The UK housing market has been hit hard by the pandemic, with sales dropping significantly in 2020 and 2021. The RICS report states that the number of sales in the UK fell by an average of 25% in 2020 and 2021. This was due to the restrictions imposed by the government in response to the pandemic, such as the closure of estate agents and the ban on viewings.
The Outlook for 2023
The RICS report states that the outlook for the UK housing market in 2023 is more positive. The report predicts that the number of sales in the UK will increase by an average of 5% in the coming months. This is due to the easing of restrictions, such as the reopening of estate agents and the lifting of the ban on viewings.
The Impact on Prices
The RICS report also states that the increase in sales is likely to have a positive impact on house prices. The report predicts that house prices in the UK will increase by an average of 3% in the coming months. This is due to the increased demand for housing, as more people are looking to buy a home.
The Impact on the Economy
The increase in sales is also likely to have a positive impact on the UK economy. The RICS report states that the increase in sales will lead to an increase in economic activity, as more people are buying and selling homes. This will lead to an increase in jobs, as more people are employed in the housing market.
The Impact on the Housing Market
The increase in sales is also likely to have a positive impact on the UK housing market. The RICS report states that the increase in sales will lead to an increase in the supply of housing, as more people are looking to buy a home. This will lead to an increase in the availability of housing, which will help to reduce the pressure on the housing market.
Conclusion
The RICS report states that the outlook for the UK housing market in 2023 is more positive than it has been in recent years. The report predicts that the number of sales in the UK will increase by an average of 5% in the coming months, which will have a positive impact on house prices and the UK economy. The increase in sales is also likely to have a positive impact on the UK housing market, as it will lead to an increase in the supply of housing.