A recent uprise in buyer enquiries and a shortage in properties is starting to move the housing market according to the Royal Institution of Chartered Surveyors (Rics).
Buyer enquires in May 2009 was the highest amount estate agents have seen since 1999. The average number of properties sold over the past three months rose to 11.8, up from 10.6. Fewer surveyors also reported a fall in house prices.
Houses on estate agents books are falling month by month 58.4% from 69.4%. The lack of supply and with the increase in buyer interest is starting to stablise the housing market. Although this seems very positive predictions are that house prices still have some more to fall.
The findings from Rics were supported by house price figures published today by the government’s communities department , which showed prices rose by 1.1% month-on-month in April, after dropping 1.3% in March. This means the year-on-year fall in house prices narrowed to 13% in April from 13.6% in March.
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