House prices hold their own as new instructions rally

| June 15, 2010
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The Royal Institution of Chartered Surveyors (RICS) has reported a rise in stock levels on estate agents’ books, following last month’s abolition of Home Information Packs.

In May 21% more RICS members reported a rise, rather than a fall, in new instructions, up from 11% in April.

In addition, 22% more chartered surveyors reported a rise, rather than a fall, in house prices, up from 17% in the previous month.

However, the survey reveals price falls in Wales, Yorkshire and Humberside, and the West Midlands, and the number of completed sales per estate agency fell by 5% in May from April, to just 17 per surveyor.

Commenting on the data, RICS spokesman, Ian Perry, says: “Surveyors are generally confident that sales will continue to pick up over the summer months.”

However, he adds: “A higher level of instructions should, meanwhile, also lead to a flatter trend in house prices in the latter part of the year.”

In related news, Findaproperty.com has just reported that buyer demand has continued to match rising stock levels in June, with asking prices showing a slight rise on a month earlier.

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