RICS data highlights increase home sales and values
The latest Residential Market Survey from Royal Institution of Chartered Surveyors (RICS) for August 2013 has highlighted improving sentiment in the UK property sector.According to the findings, 26 per cent more chartered surveyors reported a rise in instructions for people selling their property during the month - up from +16 per cent in July - painting a positive image of market activity.The UK housing market has been in the doldrums ever since the onset of the global economic downturn in 2008, but this latest data appears to show more Brits are now taking action to move up the property ladder after a number of months of sustained house price rises and improving availability of mortgages.Meanwhile, the construction of new homes also witnessed an upturn according to the latest RICS data, with the supply of new homes in August improving across all regions of the UK.The south-west and north-east of England were shown to have witnessed considerable growth in this area during August, while 40 per cent of chartered surveyors stated they have seen value increases in their area.Peter Bolton King, RICS global residential director, commented: "It's not surprising that more and more people are looking to sell their homes. The buyers are out there and prices are on the up so if you're looking to move it's a good time to do so."What we don't wish to see, however, is prices rise to such an extent that they become unaffordable."He noted affordability and availability are two of the most important issues for a sustained property sector recovery in the UK and as long as current price rises do not get out of hand, these latest results could pave the way for this to happen over the coming months.The report concluded 66 per cent of surveyors reported an upturn in the number of enquiries among individuals looking to buy a home last month.
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