Estate agents growing more pessimistic about the property market

While activity is rising now, those polled by the Royal Institution of Chartered Surveyors are negative about the long-term outlook

Estate agents have become more negative about the long-term future of the property market, even as prices and activity soar during the “mini-boom”.

Those polled by the Royal Institution of Chartered Surveyors said buyer inquiries, agreed sales and new listings continued to rise in September. The number of properties on the market remains low, helping to push prices up as demand climbs, fuelled by the stamp duty holiday.

Agents in East Anglia, the South West and Yorkshire and the Humber were particularly optimistic about the level of sales.

But the members surveyed said the boom would soon fade. A net balance of 34pc are pessimistic about the state of the property market and the level of sales in a year’s time – which is the difference between respondents having a negative outlook rather than a positive one. This is higher than last month’s net balance of 17pc.

Simon Rubinsohn, of Rics, said: “There is increasing concern that the combination of significant job losses over the coming month allied to the scaling back of policy initiatives in early 2021 will have an adverse impact on transaction levels.”

By Isabelle Fraser, please read the full article on The telegraph.