Housing market experiences Spring boost

| May 11, 2010 | 0 Comments

The UK housing market is experiencing a Spring boost, according to the Royal Institution of Chartered Surveyors (RICS).

In its April survey of members, a net balance of 17% more surveyors reported a rise (rather than a fall) in house prices, compared with a positive balance of 9% in March.

Furthermore, the average number of homes sold per estate agency rose to 17.4, up 1.5% on a month earlier.

However, the number of new properties put up for sale in April continued to outstrip new buyer registrations and regional house price variations were marked, with the market performing at its best in London and the South East and prices still dropping in Yorkshire, Humberside, Wales and Northern Ireland.

RICS spokesman, Jeremy Leaf comments: “The start of Spring has seen renewed optimism with the good weather improving sentiment and surveyors expecting an increase in both sales and house prices.”

He adds: “The housing market often sees an increase in new instructions in the early part of the year with sales boosted in the Spring and this year has been no exception.”

Last week, Halifax reported that in April UK house prices remained relatively stable, losing a mere 0.1%.

The month-on-month decline took the value of the typical home down to £168,202, or £13,539 above its April 2009 trough.

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