RICS reports housing market rebound in October

| November 13, 2012
RICS reports housing market rebound in October

Interest from potential home owners revived in October according to the latest figures from the Royal Institution of Chartered Surveyors (RICS).

Eighteen per cent more firms reported an increase in interest from new buyers than those who reported a decline in enquiries.

This is significantly higher than the 5 per cent of firms who reported an increase in September.

RICS said that “the growing optimism shown in recent months may slowly be translating into an upturn in activity”, which will be welcome news for sellers, who have been forced to reduce asking prices in a effort to sell their properties.

Twenty-five per cent more surveyors said they expected property transactions to increase in the next three months, rather than fall.

Ian Perry, RICS housing spokesman, said: “The number of potential buyers going out and viewing property saw a welcome boost last month.

“It seems that with Christmas around the corner, those who are in a position to buy decided to get out there and see what is available.”

RICS also reported in increase in the number of properties coming onto the market.

In October, 12 per cent of firms surveyed by RICS reported an increase in the number of vendors placing their properties on the market rather than a fall, compared with 5 per cent in the previous month.

However, RICS warned that overall activity in the housing market is still at low levels.

RICS Construction Market Survey, released at the end of October, revealed a fall in both public and private housebuilding in the three months to the end of September.

The Midlands was the only region to report an increase in construction activity.

RICS is calling for the government to deliver on its housebuilding initiatives with in order to increase the supply of homes.

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