House price growth dipped for the sixth consecutive month in November, but surveyors are still forecasting a sales boost of between 2 and 5 per cent thanks to reforms to stamp duty.
A survey from the Royal Institute of Chartered Surveyors shows while 15 per cent more surveyors are reporting a decline in new buyer enquiries and a fourth consecutive fall in supply to the market, there is a general expectation of a jump in sales following the Autumn Statement – although expectations in the capital were more muted.
Members also indicated that uncertainty surrounding the outcome of the forthcoming general election is providing potential purchasers with a reason to sit on their hands, with new buyer enquiries now in decline for five consecutive months.
Across the UK, price growth was strongest in Scotland and the South West (both a net balance of 37 per cent) and weakest in the North of England and London.
Jeremy Blackburn, head of policy at RICS, says:
“It’s no surprise that surveyors are expecting an uplift in the market in response to the long overdue reforms to the stamp duty tax system which the Chancellor himself called ‘the most damaging tax of all’.
“Removing the ‘dead zones’ will reduce the distortion in the market and ensure that those at the top end of the market will now contribute fairly, while those at the bottom will be given a fairer chance to get on the ladder.”
