The Royal institution of Chartered Surveyors (RICS) has today warned that the main driver behind price growth is record low stock levels.
Homebuyer enquiries have fallen sharply – hitting their lowest since April 2020.
Meanwhile, sales expectations are the ”most downbeat” since RICS began surveying the market in 2012.
Senior RICS economist, Tarrant Parsons, said that “given projections for the UK economy point to a potential recession emerging towards the end of 2022, respondents envisage housing sales continuing to slip in the coming months.”
Demand for rental properties remains high, the survey added. With experts at the industry body forecasting rents to rise around four per cent across the UK over the next 12-months.
The National Residential Landlords Association urged yesterday that Simon Clarke, the government’s new housing minister, must tackle the rental supply crisis that has swept the UK in recent years.