The East Anglia housing market has seen the first increase in supply in a year, according to the RICS UK Residential Market Survey in February 2016. Although it was a marginal increase of just 5% more surveyors reporting a pick-up in new instructions, this was similar to the national trend of 7%.
As overall activity in the UK housing market gathers pace, newly agreed sales in the East rose with 12% more surveyors reporting an increase in February, building on the positive picture that has started to develop over the previous three months. This upward trend is expected to continue across East Anglia with 39% more surveyors anticipating an increase in sales over the next three months.
Prices continue to rise with 91% more surveyors reporting an increase over the last three months, and a net balance of 35% more surveyors expecting to see further price rises over the next three months. This extends a very long period of uninterrupted price increases dating back to early 2013, highlighting the tightness of the market across East Anglia. This is the sharpest price rise in the UK.