Rics: UK property market stable going into 2012

Tuesday, 10 January 2012 08:10

New figures from Rics have shown that sales of housing were a little stronger at the end of 2011 than they were at the beginning, although the number of transactions was still relatively low.

The Housing Market Survey found that there were 15.2 sales per surveyor in the final quarter of the year, one of the best results since the autumn of 2010.

In addition, there was a plus two reading on new buyer enquiries, suggesting people are still interested in entering the property market.

However, the sales expectations net balance fell to zero, so it remains to be seen as to whether this interest translates into purchases.

The experts at Rics said the continuing supply of housing for sale managed to keep transaction levels quite flat, with mortgage availability also a potential contributing factor.

Rics also reported a minus 16 net price balance, which was the highest since July 2010, with 62 per cent of respondents saying there had been no change in prices in December.

London was the only location in Britain with a positive balance for prices and expectations, while the West Midlands, Yorkshire and Humberside were at the other end of the scale with the most negative price balances.

Last month, the Property Tracker survey from the Building Societies Association found that 44 per cent of consumers think now is a good time to buy a property, while a quarter said it is not.

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