More homes on the market in time for new year
Tuesday, 10 January 2012 9:07 AM
Sellers may be returning to the housing market in time for the New Year, according to the Royal Institution of Chartered Surveyors (RICS).
But surveyors questioned for the organisation's latest housing market survey added that unrealistic price expectations by some vendors may be holding back sales.
Sales per surveyor averaged 15.2 in the three months to December, which was slightly down on November but close to its best level for a year.
New instructions rose for the third consecutive month, with a balance of +12 per cent reporting a rise rather than a fall in new homes coming on to the market. The greatest increase came in London, where the balance of +38 per cent was the highest since January 2005.
Prices continued to fall across the country, though at the slowest rate since June 2010. The West Midlands and Yorkshire and Humberside saw the biggest drops and London was the only region to see a rise.
Demand from potential buyers remained steady with a balance of +2 per cent reporting new buyer enquiries rising rather than falling. The RICS says lack of mortgage finance is still hindering many potential buyers.
Ian Perry, RICS housing spokesperson, said: "The increasing number of prospective sellers who placed their homes on the market in December is a positive development as a lack of stock has been a big issue in some parts of the country.
"With sales expectations remaining flat, it is important that vendors are realistic in their pricing if they wish the sale to go through in good time."
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