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RICS Residential Market Survey March 2024

Key trends

  • Buyer demand continues to increase, with a net balance of +8% reporting an increase in new buyer enquiries in March, the most positive return since February 2022.
  • Newly agreed sales remain broadly stable, with a net balance of -5% indicating little change from the previous month. However, a net balance of +13% of survey participants expects sales volumes rising over the next three months, compared to +6% in the previous month's results.
  • New listings coming onto the sales market increased for a fourth successive report, with a net balance of +13% citing a pick-up in new instructions.
  • Market appraisal levels have improved for three straight months, with a net balance of +21% noting an increase compared to the previous year.
  • The headline indicator tracking house price trends returned a net balance of -4% in March, suggesting a largely stable picture for house prices.
  • All regions/countries have seen their house price series either turn less negative or move into positive territory compared to the start of the year.
  • Looking ahead, respondents anticipate house prices returning to growth over the next twelve months, with a net balance of +38% posted in March.

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