The latest RICS UK Residential Market Survey has been published and confirms several long-term trends in the UK property market.
The north west of England is continuing its property boom, with a 4 per cent house price rise in the year up to February 2019. Wales is experiencing an even greater property price increase of 4.1 per cent. London and the South East have seen the biggest declines, of 3.8 and 1.8 per cent respectively. The stalling of the Brexit negotiations have hit these areas hardest.
However, some of the data presented in the survey suggests that there is a wider shift going on, which is in keeping with the overall decline in property ownership across the country.
While more home owners are putting up their properties for sale, with listings up countrywide since the announcement of the Brexit extension, demand for properties has consistently been falling for nine consecutive months. Fewer people are applying for mortgages, and the number of mortgage approvals has fallen too, down 5,000 between February and April.
The demand for rentals, on the other hand, has remained consistent, and with the availability of properties for renting shrinking, rents are continue to rise, with RICS projecting a two per cent increase in the next year.
The survey points firmly to a need for more affordable homes to rent not buy, with the demand for rental accommodation unlikely to subside any time soon.