New instructions for sales are on the up, returning a positive reading of +11%. This is good news as the new supply of available property on the market has been constrained over the past few years, and this is the first positive reading since March 2021. Similarly, market appraisals undertaken during January were up on the previous year according to the +9% net balance. This metric has moved back into positive territory for the first time since early 2022.
The readings relating to house prices reflect much of what we already know about the current market. While it remains subdued, professionals are more optimistic for the coming months and years.
Regarding price growth, the posted net balance was -18 % for January. While negative, this has been improving for five consecutive surveys, implying that any dips in value are decelerating noticeably. Near-term price expectations are moving towards positive territory at -2 %, up from 12% last month.
But the twelve-month view for price expectations is decidedly upbeat, with a net balance of +18%, suggesting a projected uplift in house prices over the next year.