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15/11/2005
House market showing signs of recovery
The housing market showed signs of beginning to stabilise in October, the Royal Institution of Chartered Surveyors has reported, with the largest increase in new buyer enquiries in two years.
The RICS report said that the number of people looking to buy a house had increased for the fourth month in a row. The RICS said that while it remained a buyer’s market, as the recovery had been sustained, this was beginning to shift. Although house prices had fallen again last month, the RICS said that the pace of the decline was at its slowest in 15 months.
The number of chartered surveyors reporting price falls last month also dropped dramatically, falling to 9% from 21% in September.
The RICS said that the interest rate cut in August was still benefiting buyer interest, although it warned that the upturn in demand had only partially made up for previous declines.
Sales activity also increased slightly in October, with completed sales rising almost 8% from their low in February, although they were still down 5% on levels from a year ago.
The RICS said that surveyors’ outlook for the market remained “positive” in contrast with most of the past year.
The recovery in buyer interest in recent months has led to predictions of modest house price rises in several regions over the next few months.
In October, house prices either stabilized or declined slightly across southern England, while they continued to fall in the north and the Midlands. Rises in house prices were recorded in Scotland and the North West and price increases were also seen in London for the first time in almost 18 months.
RICS spokesperson, Jeremy Leaf, said: “This month has seen further evidence of a pick up in the market with the recovery in would-be buyer interest. Contributing factors include diminishing uncertainties over the future of interest rates and rising employment, which is lifting the demand for homes.
“The return to more balanced market conditions is welcome, though negotiations between buyers and sellers remain hard and over-priced property continues to remain unsold.
“A return to boom conditions is not at all evident.”
(KMcA/SP)
The RICS report said that the number of people looking to buy a house had increased for the fourth month in a row. The RICS said that while it remained a buyer’s market, as the recovery had been sustained, this was beginning to shift. Although house prices had fallen again last month, the RICS said that the pace of the decline was at its slowest in 15 months.
The number of chartered surveyors reporting price falls last month also dropped dramatically, falling to 9% from 21% in September.
The RICS said that the interest rate cut in August was still benefiting buyer interest, although it warned that the upturn in demand had only partially made up for previous declines.
Sales activity also increased slightly in October, with completed sales rising almost 8% from their low in February, although they were still down 5% on levels from a year ago.
The RICS said that surveyors’ outlook for the market remained “positive” in contrast with most of the past year.
The recovery in buyer interest in recent months has led to predictions of modest house price rises in several regions over the next few months.
In October, house prices either stabilized or declined slightly across southern England, while they continued to fall in the north and the Midlands. Rises in house prices were recorded in Scotland and the North West and price increases were also seen in London for the first time in almost 18 months.
RICS spokesperson, Jeremy Leaf, said: “This month has seen further evidence of a pick up in the market with the recovery in would-be buyer interest. Contributing factors include diminishing uncertainties over the future of interest rates and rising employment, which is lifting the demand for homes.
“The return to more balanced market conditions is welcome, though negotiations between buyers and sellers remain hard and over-priced property continues to remain unsold.
“A return to boom conditions is not at all evident.”
(KMcA/SP)
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There's good news today for home owners in Northern Ireland. New figures show that the Province is now enjoying the biggest upward change in property values of the whole UK, at 9.7%, followed by the South West at 4.9% and the outer Metropolitan region of London at 4.7%. Overall, house prices rose by 0.9% in September according to Nationwide.
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Irish Manufacturing Up 12% Since 2009
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Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
