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11 December 2012

Revival in housing market confidence

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by Gill Montia

Revival in housing market confidence

Confidence in the UK housing market revived in November, according to the latest survey from the Royal Institution of Chartered Surveyors (RICS).

Enquiries from would-be buyers increased across most of the country, having grown steadily since the end of the summer.

That being said, demand remained at an historically low level and on the supply side there was no change in the the number of homes coming up for sale.

The RICS comments: “Very little movement has been seen in terms of new instructions for over two years and this has contributed to the current anaemic state of the market.”

Moving on to prices, modest drops were seen in most areas albeit at a slower pace than earlier in the year, suggesting that the market is stable.

Across the UK, London was once again the only area to see prices increase, while Northern Ireland and Wales experienced the most significant price drops during November.

Looking ahead, chartered surveyors are optimistic that activity levels should continue to rise, with sales increasing rather than decreasing over the coming three months, and prices holding steady.

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