The housing market is looking up as the sales and number of enquiries for buying properties is aparently on the upswing. In fact, number of people looking to buy houses has risen for a fourth month in a row in October.
Enquiries from potential buyers of houses have registered their fastest growth in two years. These results were revealed in the monthly survey of the Royal Institution of Chartered Surveyors (RICS).
The study showed that though house prices were continuing to fall, it was the weakest decline in the last 15 months. The number of completed sales rose for the fifth month in a row as estate agents have the least amount of property that is unsold since the month of January.
RICS spokesman Jeremy Leaf felt that the buyers were less nervous than before about interest rates and high levels of employment also helped to boost the housing market. He added: “The return to more balanced market conditions is welcome. Though according to him, “Negotiations between buyers and sellers remain hard, and over-priced property continues to remain unsold.”
The RICS also stated that "a return to boom conditions is not at all evident." It is worth noting that the number of enquiries is still level far below of what it was in 2003.
Only 9 per cent more surveyors in England, Wales and Scotland have seen price falls, which is well below the figure of 21 per cent more during September.
Sales rose in October and now are 8 per cent higher than in February, where they touched the nadir. However, they are 5 per cent less than the level reported in October 2004.
In London, prices increased for the first time in 18 months in the month of October. In rest of southern England, they had stabilised or decreased marginally. Again, North West and Scotland saw an increase in property prices, while northern England and the Midlands saw a decline.
The future looked promising, according to RICS, which expects prices to increase modestly all over the country in the next three months. The question still needs to be answered; are the increased numbers of people looking to buy, actually buying?
Posted
on : Tue, 15 Nov 2005 09:05 GMT | General News
By : Salim Patel
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