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Home sales edge back up in tough market

Tuesday, 8 November 2011 9:58 AM

Home sale transactions showed a modest recovery in October and demand is rising, according to the Royal Institution of Chartered Surveyors (RICS).

Its latest housing market survey showed eight per cent more surveyors reporting a rise in newly agreed sales rather than a fall.

Although still at historically low levels, this is the best reading since April 2010 and a turnaround on the -3 per cent recorded in September.

Some surveyors put the increase down to increased realism from sellers who were willing to take offers to secure a sale.

Demand was up, with new buyer enquiries up from +4 per cent to +7, and supply, as measured by new instructions, shifted from a balance of -4 per cent to +3.

RICS housing spokesperson, Ian Perry, said: "Chartered surveyors are generally upbeat about the near term prospects for transactions.

"However, with the chaotic events in the euro area threatening to spill-over to the UK and banks still imposing tough conditions on loans to first time buyers, any recovery in sales is still likely to be relatively modest.

"This will inevitably leave many people who would like to own a home unable to access the market."

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