The housing market is turning a corner, according to The Royal Institute of Chartered Surveyors (RICS) September Market Survey. RICS says that with drops in house prices less common, and more new buyers coming to the market, surveyors are optimistic about the way the property market is looking for the first time in eighteen months.
The survey found that the market is showing little evidence of deterioration with the South East, North West and Wales all boosting rising house prices. ?Country house sales are incredibly strong,? said Neil Foster MRICS of Foster Maddison Property Consultants, ?And the local investment market continues to outperform our expectations.? Dramatic improvements, however, are not yet forecast. Although new buyer enquiries rose again in September, the pace of increase showed no improvement compared to August.
Completed property sales, however, are the highest they have been since last December. Alex McNeill MRICS from West Yorks claims: ?Vendors with the greatest desire to sell are able to adjust their expectations whilst interest rates remain competitively low.?
According to RICS, anecdotal evidence suggests that sellers have become more active in recent weeks, supporting claims by Savills that the market is becoming more seller-friendly. Although September did not produce a notable rise in agreed sales, with the increase in new buyer interest, the outlook for the rest of the year is positive. ?There is now a very positive attitude being shown by both purchasers and vendors,? says David Burr MRICS of David Burr, Sudbury, ?Viewings are high with the sales starting to follow strongly.?
