By Annabel Dixon

October 13, 2016

What's the latest?

Buyer demand in the housing market is beginning to pick up for the first time in SEVEN months.

According to the Royal Institution of Chartered Surveyors (RICS), 8% more estate agents reported an increase in buyer enquiries last month.

However, the number of homes put on the market fell once again, continuing a pattern that started back in mid-2014.

It means that the level of homes for saleon estate agents books across the UK remains close to historic lows.

Why is this happening?

Confidence is continuing to improve following post-referendumjitters- and it is filtering through into the housing market.

Simon Rubinsohn, RICS chief economist, said: 'The market does now appear to be settling down following the significant headwinds encountered through the spring and summer.'

Above: four-bedroom detached new-build house for sale in Clitheroe for £347,995.

Who does it affect?

The uptick in buyer demand, combined with a fall in new instructions, is expected to push up prices. And that doesn't bode well for those looking to get on to, or up the housing ladder.

On the flip side, it's better news for homeowners and landlords with an eye on selling up.

Sounds interesting. What's the background?

House prices crept up in September, with 17% more agents reporting an increase than a fall. And over the next three months, house prices are predicted to rise further across the UK.

But there is a greater level of caution in central London, where prices are tipped to fall, albeit modestly between now and December. Uncertainty following the EU vote, coupled with Stamp Duty changes, is continuing to knock the top end of the market in particular.

Top 3 takeaways

  • Buyer demand increases for the first time since February.
  • The number of homes being brought to the market has fallen again.
  • House prices are expected to continue to rise.

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Zoopla Property Group plc published this content on 13 October 2016 and is solely responsible for the information contained herein.
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