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June 15, 2010

Rics report rise in homes for sale

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by Kay Mitchell

Rics report rise in homes for sale

The Royal Institution of Chartered Surveyors (Rics) has today reported a sharp rise in the number of homes being up for sale in England and Wales.

The rise has been attributed to the scrapping of Home Information Packs (Hips).

The coalition Government scrapped Hips last month, describing them as “pointless red-tape” which have been “strangling the housing market”.

The move has meant sellers do not have to shell out any cash to put their homes on the market and Rics said new instructions have risen sharply as a result of the new measures.

Meanwhile, surveyors expect house sales to rise in the coming months as a result of the rise in new instructions.

Ian Perry of Rics said: “Surveyors are generally confident that sales will continue to pick up over the summer months.”

Furthermore, the latest survey from Rics revealed 22% more surveyors reported a rise in house prices than reported a fall in the three-month period to May. The balance was 19% in May – revised upwards from an earlier estimate of 17%.

The 22% represented the highest level since January, and exceeded the forecast of 1%.

However, house prices are not expected to continue their upward trend as a result of the rise in new instructions, according to Mr Perry.

Yesterday, a report from FindaProperty.com revealed the number of properties for sale in the UK has soared to levels not seen since January 2008.

The supply of properties on the market 35% higher than in January while stock levels are now 145% higher than in January 2008, according to FindaProperty.com.


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