Housing Market December 2024

RICS Residential Market Survey December 2024

Key Takeaways

Buyer enquiries and agreed sales stabilise

The December RICS Residential Survey highlights stable sales market activity, with positive trends in demand, sales, and instructions.
New buyer enquiries posted a net balance of +5%, slightly down from +11% in the previous two months, marking a stabilisation in buyer demand with the least positive return since July.
Agreed sales registered a net balance of +7%, up from +1% in November, indicating a slight improvement in sales volumes for the month.
Near-term sales expectations show a net balance of +16%, while +37% of contributors expect sales volumes to rise over the next 12 months.

New instructions rise

The new instructions indicator recorded a net balance of +14%, marking its sixth consecutive month of growth.
Market appraisals have stabilised compared to last year, suggesting a potential slowdown in the pipeline of new listings.

House prices rise at the national level

The national house price indicator posted a net balance of +28%, up from +24% in November, marking the fifth consecutive month of growth.
Near-term price expectations remain positive, with +53% of respondents anticipating house prices to rise over the next 12 months.
Regions with the strongest house price growth include Northern Ireland and Scotland.

Rental market

Tenant demand showed a slight decline with a net balance of -3%, influenced by seasonality, marking the second month of drop below zero since 2020 after last month.
New landlord instructions fell further, with a net balance of -27%, intensifying supply shortages.
Near-term rental price expectations remained elevated, with a net balance of +37% forecasting rent increases over the coming months.