Its survey showed that 8% more chartered surveyors reported a rise in newly agreed sales rather than a fall, rebounding after a 3% fall in September. While sales remain at historically low levels, RICS said October’s reading was the best since April 2010.
RICS said that some surveyors attributed the increase in sales to a growing realism from many sellers, who appear more willing to take offers in order to secure a sale.
Indeed, 24% more surveyors reported a fall in house prices rather than an increase, while more than half of respondents said prices were stable. Of those reporting a drop in house prices, almost three-quarters said it was of between 0% and 2%.
Completed sales rose slightly to 15 per surveyor over the three months to October, the highest number since April this year. However, surveyors said that the purchase process is being hampered by the length of time lenders are taking to agree lending terms.
Meanwhile, new buyer enquiries rose to a net balance of 7% compared to 4% in September, while new instructions increased to a net balance of 3% in October up from -4% the previous month.
However, the impact of the eurozone crisis on the economy and mortgage availability is making buyers cautious, RICS said.
RICS housing spokesperson, Ian Perry said: “It is encouraging that activity levels appear to have edged upwards over the past month. Indeed, chartered surveyors are generally upbeat about the near-term prospects for transactions.
“However, with the chaotic events in the euro area threatening to spill over to the UK and banks still imposing tough conditions on loans to first-time buyers, any recovery in sales is still likely to be relatively modest.
“This will inevitably leave many people who would like to own a home unable to access the market.”
