The UK housing market is set for a slowdown over the next three months, following a short-term rush on buy-to-let property, according to the RICS.
Only 17% of those interviewed in the UK Residential Market survey for February expected an increase in sales over the next three months.
House price inflation expectations peaked following the chancellor’s Autumn Statement, driven by speculation regarding an increase in investor demand from Stamp Duty changes.
This trend is set to soften from March as investor interest dampens. Only 21% of respondents expect prices to increase over the coming months.
RICS chief economist Simon Rubinsohn said: “Over the past three months, we have witnessed a surge in buy-to-let activity.
“Since the chancellor made his Autumn Statement announcement last November, investors have rushed to purchase homes before the Stamp Duty surcharge comes into effect.
“It is inevitable that over the coming months, April’s Stamp Duty changes will take a little of the heat out of the investor market.
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