Can it really be happening? House sales are on the increase

According to figures published on Tuesday by the Royal Institute of Chartered Surveyors (RICS) the upsurge in inquiries by the public on properties are now being converted to sales, and at an encouraging rate.

According to a spokesman for RICS, property deals are rising more widely across the market at a rate that is as high since data were first collected in 1999. The report also points out that whilst buyer inquiries have been rising steadily for the past eight months, and said the latest data reflected a real interest in putting pen to paper.

Another barometer reading reflecting that the property market is beginning to wake up is that report from the Nationwide Building Society that house price have increased for three months in a row while mortgage approvals have been rising steadily since the end of last year, whilst still remaining far below the levels of 2007 and beforehand.

RICS continued to reiterate Nationwide’s standpoint stating that their will soon be a shortage of second hand properties for sale and new construction starts are slow, due to the construction industries slow reaction to the arousal in interest. Surveyors who are members of RICS believe prices will rise over the next three months, eventually turning positive for the first time since May 2007.

A spokesman for RICS predicted: ‘Although the market is showing signs of improvement, it is unlikely that there will be a sustained upturn while mortgage lenders remain risk adverse. The lack of stock on the market is providing a platform for modest price increases.

The unending focus on the UK property market is due to the fact that there is no more accurate a barometer of the state of the economy.

• Manhattans still cost a million dollars | NY Times Manhattan apartment prices fell sharply during the second quarter of...
• How Long Can Our Bear Market Last? Money Magazine published some interesting numerical data this month comparing...
• Real Estate Investments - Good Idea or Bad Idea? Right now, if there was a market that had bad...

Tags: Financial News, Money Markets, Mortgage, Mortgages, UK Banks