Transaction levels pick up across UK, claims optimistic RICS
Wednesday 13th February 2013
Housing transactions are continuing to pick up across the UK, the RICS has claimed.
Transactions have now increased for four consecutive months, says the RICS. Prices stayed largely unaltered in the first month of this year.
However, the RICS says that demand from would-be purchasers has dipped slightly since the start of the year, accompanied by a slight fall in the number of homes coming up for sale, with surveyors suggesting that poor weather may have been partly to blame.
Looking ahead, chartered surveyors expressed optimism that transaction levels will remain on an upward trajectory.
Peter Bolton King, RICS global residential director, said: “Price falls across the UK have gradually stemmed in recent months and it is interesting to see that the amount of completed transactions are on the rise, as confidence returns to the marketplace.
“While it is still very early days to talk about a comprehensive market recovery, activity levels are still encouraging and there is some optimism out there that things could continue to improve.”
Separately, think tank the Centre for Economics and Business Research has predicted that the average price of a home in London is set to rise by 30% to hit £500,000 by 2020.
The CEBR says that house prices in the capital will rise at a slower rate this year than last year but will start to increase again towards the end of the decade.
Daniel Solomon, CEBR economist, said: “Before the decade is out, we predict the price of the average home in London will reach £500,000.
“House price rises will be driven by London’s comparatively rosy economic growth prospects, buoyed by IT, business and professional services.
“Nevertheless, house price growth in London will remain notably slower than in the boom years before the financial crisis.”
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