improving property market – This cocktail of good news follows 18 months of less palatable priced drops, a shrinking mortgage market and plummeting transactions all of which have depressed prices by up to 20 per cent.
improving property market – Estate agents, who have endured months of closing branches and thousands of redundancies, say buyer enquiries to their offices rose for the seventh month in a row and that the average number of sales per office in May was 11.8, up from 10.6 in April.
And the Royal Institute of Chartered Surveyors, the ultimate arbiter of what houses are really worth, said six per cent of its member reported rising prices on their patch in May, while 42 per cent said prices were going down – which is the most positive result from RICS since late 2007.
Government house price figures also point to an improving market – the Department of Communities and Local Government say prices jumped by 1.1 per cent in May and that the annual rate of decline is now 13 per cent. The average price of a house in the UK, it says, is now £189,215.Homeowners today received the news they've all been hoping for. The property slump is easing, prices are rising in some areas, buyers are returning to the market and agents are selling more homes.