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Reports Paint Positive Picture For Property Market

Latest Research Published By RICS And ONS


New figures from the Royal Institution of Chartered Surveyors (RICS) and the Office for National Statistics have revealed that the residential property market remains in a strong position.

The latest RICS Residential Market Survey has showed the number of surveyors reporting price rises as reached an 11 year high, with the report suggesting the figure demonstrates the imbalance between supply and demand at present.

It also found that surveyors sold an average of 20.3 homes in the three months to October, which was the highest amount in over five years. Almost every region saw transaction levels increase, with RICS stating the findings showed that signs of recovery were beginning to be seen away from London and the South East.

Findings from the Office for National Statistics suggested that house prices fell slightly in September, although the index score of 184.9 remains close to the record high of 186 recorded in the previous month.

Prices in England were found to have increased by 4.2 per cent, in contrast with smaller rises seen in Wales (1.4 per cent), Scotland (1.1 per cent) and Northern Ireland (1.5 per cent).

Expert Opinion
This time of the year is historically a fairly quiet time in the property market, but these figures clearly appear to indicate that the tide is turning and confidence across the residential sector is on the up.

"It is difficult to argue against the fact that renting a property has become increasingly costly and initiatives such as Help to Buy have made getting and moving up the housing ladder much more affordable for a great number of people.

"Through our recent work, we have seen a growing number of enquiries in relation to property sales, as well as an increase in the number of parties involved in longer chains. This is a move away from a time when the only purchasers were those that had the cash or deposit in place to be able to buy without selling their own property.

"The positive impact of Help to Buy for all of those in the market is there for all to see and it will be interesting to see how things develop over the coming months."
Helen Hutchison, Legal Executive - Partner