The July 2020 RICS UK Residential Survey has revealed a sharp increase in housing activity in July, despite ongoing concerns about the state of the Uk economy.

75% of respondents surveyed by RICS said they saw an uptick in activity in July with the reduction in stamp duty one of the main factors driving the rebound.

However, the outlook for the rest of the year was not as optimistic as the ending of government support such as the furlough scheme cast doubts over the outlook for the next 12 months.

Simon Rubinsohn, RICS Chief Economist commented: “The strong impetus provided to the housing market is evident both in the results of the RICS survey and many of the anecdotal comments from respondents. However, it is interesting that there remains rather more caution about the medium term outlook with the macro environment, job losses and the ending or tapering of government support measures for the sector expected to take their toll. Significantly, some contributors are now even referencing the possibility of a boom followed by a bust.

“Meanwhile one of the other notable aspects of the survey is the feedback that there is a greater interest in properties that offer some features that help better manage future lockdowns whether it is access to green spaces, gardens or balconies.”