UK property sales expectations to rise, says RICS
9th Oct 2012
Sales of UK property are expected to pick up in the coming months as measures by the government to make mortgages more widely available begin to have an impact, according to the Royal Institution of Chartered Surveyors (RICS).
The organisation reported that house prices eased unexpectedly last month, with its seasonally adjusted house price balance rising to -15 from an upwardly revised -18 in August. This went against previous estimates from economists of a worsening to -20.
RICS added that expectations for future sales of property are now at their most optimistic levels since May 2010.
Peter Bolton King, global residential director at RICS, said that the market was "relatively flat" in September but the run up to Christmas could see an increase in activity in many regions of the UK.
"Despite this, problems still exist and more needs to be done to get the market moving. Meanwhile, although the Funding for Lending Scheme appears to be improving mortgage availability, those at the very bottom of the housing ladder are still struggling," Mr Bolton King added.
The report comes after Nationwide said that house prices would remain relatively flat over the coming 12 months as the UK economy experiences a gradual recovery.
Posted by Staff Writer: Robin Stenson
© Zoopla Property Group Limited