The number of homes sold in the UK over the past three months reached its highest level for over three years.
The RICS said yesterday that transactions are now at their highest since January 2010 as buyers across the country begin to return to the market.
According to the RICS, agents sold on average 17.9 properties during the three months to May. RICS members also expect sales to continue rising over the next three months.
The RICS says the key driver behind this jump in activity is the rise in buyer interest – the highest since October 2009 and, says the organisation, “a sign that market confidence is gradually being restored”.
New instructions have also picked up, says the RICS, with more home owners being enticed to test the market.
It does, however, warn that despite the rise in new instructions, average stock levels per branch actually fell last month.
It attributes the rise in confidence to the Bank of England’s Funding for Lending scheme, with the new Help to Buy policy also taking effect.
The RICS also reports that prices up edged in May.
Comments made by RICS participants in the survey show how localised the market is. For example, in Felixstowe, Suffolk, surveyor Richard Bannister reports: “Hoped-for improvement in the market is very slow in coming. Confidence just not there.”
However, in Twickenham, west London, Jeff Doble simply notes: “Excellent market.”
Peter Bolton King, RICS global residential director, said: “May was an interesting month for the housing market. More people decided to get out there and view property and more transactions went through than in quite some time.
“Most encouragingly of all, though, is that stability is not confined purely to London and the South-East, as has been the case, but is now starting to extend to areas right across the country.
“There is still a very long way to go until we see a full-scale recovery, but green shoots are beginning to sprout.”
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Comments
here is what he said the month before the market collapsed 5 years ago this month.
House price reports 'inaccurate'
The latest house price reports are inaccurate, the National Association of Estate Agents (NAEA) has said.
Peter Bolton King, chief executive, claimed by ignoring certain aspects of the market, the figures produced by the Nationwide building society are wide of the mark.
UK house prices are now 4.4 per cent lower than they were 12 months ago, but remain five per cent higher than in 2006, the lender has claimed.
However, Mr King objected to its report as "the national sales figures do not tell the whole story," he said.
"Indeed, our recent survey of agents records some stability returning to the market in the number of sales agreed, the number of viewings before a sale is secured and the average difference between asking and sales price."
He claimed that many people are adopting a 'wait and see' attitude and remaining cautious.
Low unemployment, historically low interest rates and a latent demand for houses are positive signs, he noted and "underlying factors that support the property market remain".
Interesting report, looks like Central London has peaked with cracks now appearing. Outer areas have picked up a bit.
One to watch
PBK was very vociferous when CEO of NFOPP that ALL housing statistics produced by Halifax, Nationwide and err...the RICS should be ignored as they were nearly always inaccurate.
This can't possibly therefore be anything to do with him.
I can hardly begin to believe this...........The story must and can only relate to the South East. House are tumbling in this part of Shropshire and this morning we learnt of two major estate agencies that may well go into insolvency in this area. What a divided nation we now have.
Talk about mixed messages. One day its up, next day its down. All a load of cr*p, just PR to get the name in print/online. In the last 3 weeks we have received daily reports on why transaction levels are down, how only 8% of the properties on the market sell, how the difference between asking and acceptance has never been so great, etc. The this lot come out with such rubbish as ' despite the rise in new instructions, average stock levels per branch actually fell last month.'
I thought surveyors could at least add up!!!
Leave them to it, let them in the south mortgage themselves up to their grandchildren’s 60th birthday and mortgage away any chance of inheritance.
Sit back and enjoy the countryside and High Streets free of designer tat. Go and pour a glass of water knowing it fell on this earth 10,000 years ago, has been lovingly filtered by limestone hills for your enjoyment. With all that done think of the 'Rich?' folk in the London and the South Desert who are drinking their neighbours' wee. Let them and their PR machine convince each other life can't get any better and have a little chuckle at their expense.
Really ???
Slam dunk! as predicted and evidenced in writing! I am the man! I Note to self, Dispatches from Great Charles Street are sent out in time for the second Wednesday of the month not the 15th of the month. Possibly PBK is on holiday next week and is getting his chores done.