Guaranteed Rent Scheme | House sales in the South West rise says RICS March UK Housing Market Survey
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The amount of houses sold in the South West in March continued to rise for the third consecutive month, as increased confidence in the market continued to translate into sales, says the latest RICS housing market survey (April 9 2013).Guaranteed Rent Scheme
During March, chartered surveyors in the South West reported selling an average of 17 homes over the previous three months, increasing slightly on February’s figure of 16. According to respondents, transaction levels in the region have remained relatively steady for the last four years, with the amount of homes sold over a three month period having not dipped below double figures since February 2009.
In tandem with this, prices remained broadly stable during March. A net balance of nine percent more respondents stated that prices fell rather than rose last month. While still negative this it is an improvement on February’s reading which saw a net balance of 30 percent more surveyors in the South West reporting decreases rather than increases.
Moving on to demand, an increasing number of prospective buyers got out and viewed property during March. A net balance of nine percent more surveyors reported rises in new buyer enquiries, the highest reading since December. It seems that the government’s recent efforts to encourage banks to offer more affordable mortgages may now be starting the bear fruit and assist purchasers.Guaranteed Rent Scheme
Across the rest of the UK, the survey suggests that, on average, surveyors in the West Midlands have seen the biggest increase in homes sold since the start of the year, followed by those respondents working in the London area. By way of contrast, the sales trend appears flattest in East Anglia and the East Midlands.
Looking ahead, respondents are optimistic that the recent increase in transactions is set to continue. A net balance of 22 percent more surveyors expect sales to rise further over the coming three months. Also, South West chartered surveyors are optimistic that the price stability seen in recent months will persist over the coming three months.
RICS Residential Spokesperson for the South West, Roger Punch of Estate Agents Stags, said: “The weather deterred some potential buyers from viewing in March, but there is a clear trend of improvement. Although is often repeated advice, there remain a significant number of overpriced properties being marketed. Sellers should be aware that a more competitive price will often transform viewings and result in a sale.”
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