According to the Royal Institute of Chartered Surveyors (RICS), both property sales and interest in the market rose significantly in October.
Eight per cent more chartered surveyors reported newly agreed sales rose rather than fell, representing a rebound in activity after the past month’s dip. Although still at historically low levels, this rise represents the best reading since April 2010.
Completed sales also rose slightly, to an average of 15 per surveyor (by branch) over the past three months, the highest levels since April (15.1). However, respondents note that if buyers are able to access finance, banks are taking a long time to agree lending terms, which is slowing down the purchase process.
Commenting, RICS housing spokesperson, Ian Perry, said: “It is encouraging that activity levels appear to have edged upwards over the past month. Indeed, chartered surveyors are generally upbeat about the near term prospects for transactions. However, with the chaotic events in the euro area threatening to spillover 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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