House prices see fastest rise since 2006 peak
Published by Max Salsbury for 24dash.com in Housing and also in Finance
For sale sign
UK house prices are seeing their fastest growth since the peak of November 2006, RICS latest market survey has revealed.
And during July, the amount of potential buyers looking to enter the market grew at the fastest rate since July 2009, as a net balance of 53% more chartered surveyors reported increases in demand.
The growth has been experienced across the whole country. The West Midlands and the North East – areas which have suffered more than most since the market crash – saw the biggest increases in buyer activity in July.
In tandem with rising buyer confidence, more potential sellers looked to test the market and place their homes up for sale, with 15% more respondents reporting rises rather than falls in new instructions last month.
And it looks as if prices will continue to rise with a net balance of 35% more surveyors predicting further increases.
Transaction levels are also expected to grow, with 53% more respondents expecting sales to rise rather than fall over the coming three months.
Peter Bolton King, RICS global residential director, said: "These results are great news for the property market as it looks like at long last a recovery could be around the corner.
"Growth in buyer numbers and prices have been happening in some parts of the country since the beginning of the year but this is the first time that everywhere has experienced some improvement. It is clearly good news that those parts of the property market that were struggling are at last showing some signs of life."