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RICS: Spring sales pick up predicted

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  • 18/01/2011
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RICS: Spring sales pick up predicted
The average number of UK homes sold stabilised at the end of 2010 and surveyors are on balance more optimistic that sales will pick up again in the Spring, according to a survey.

The latest Royal Institution of Chartered Surveyors (RICS) poll reports 8% more surveyors expect prices to rise than fall, up from 6% in November.

However, the outlook for the property market remains mixed, said RICS.

Across the UK, completed transactions were highest in the East Midlands and Yorkshire and the Humber, which averaged of 19 and 18 respectively, but East Anglia recorded a low of just 10.

RICS said concerns over the economy remain, while the lack of available mortgage finance continues to keep many prospective purchasers out of the market or delay sales until the New Year.

New buyer enquiries fell for the seventh consecutive month and lending constraints, particularly to first-time buyers, continue to hold back the market.

Views remain mixed on the housing market, however, the sales to stock ratio suggests that after recent declines, house prices may begin to steady over the next few months.

RICS spokesperson, Jeremy Leaf, said: “Although bad weather hit the housing market during December, sales levels have remained stable. While lack of supply, and more importantly demand continues to impact heavily, surveyor sentiment does appear more positive for the coming months.”

The key issue now is mortgage finance, he said, adding a return to meaningful sales levels was hard to envisage in the near term.

 

 

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