There are two key points that have suggested that a 'Boris Bounce', added by an increasing number of buyer confidence, could be on its way.
Firstly, the latest market update from the Royal Institution of Chartered Surveyors (RICS) shows an improving number of sales enquiries, the best result since the RICS survey of May last year as sales expectations for the next 12 months has risen to a net balance of +66%; it was +35% in November.
The second, enquiries from buyers in London have also risen, marking a noticeable improvement from the negative results in November as instructions have increased over the month. As a result, RICS survey respondents has predicted that house prices will rise in both the next 3 and 12 months.
Alongside a rise in enquiries from buyers, the number of agreed sales has risen a little at the national level: a +9% net balance.
At Living in London, since returning from the festive break, we have definitely seen an increase of enquiry, viewing and offer levels compared to this time last year. There has been 2/3 years worth of both buyers and sellers holding off until there is some clarity surrounding Brexit and it seems as if they are now returning to market. We can't predict how long this "Boris bounce" will last, however the market at the moment is very busy.
This is the first time since May 2019 that the number of agreed sales has shown a positive result.