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Property transactions reach new high

Property transactions reach new high

Category: Mortgages

Updated: 11/06/2013
First Published: 11/06/2013

MONEYFACTS ARCHIVE
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House buyers returned to the housing market during the three months to May this year, as property sales climbed to the highest level since January 2010.

According to new data released by the Royal Institution of Chartered Surveyors (RICS), surveyors sold an average of 17.9 homes in the three months to May, whilst new enquiries from house buyers also climbed to levels last seen in October 2009.

The findings strongly suggest a change in buyers' attitudes, as confidence and competition returns to the housing and mortgage market. The Government's Funding for Lending Scheme (FLS) has also increased activity from would-be buyers, keen to take advantage of record low mortgage rates.

Sales volumes are anticipated to grow further over the forthcoming quarter, with 35% more surveyors claiming that they expect levels to increase.

Global residential director at RICS, Peter Bolton King, said: "May was an interesting month for the housing market. More people decided to get out there and view property and more transactions went through than in quite some time.

"Most encouragingly of all, though, is that stability is not confined purely to London and the South East, as has been the case, but is now starting to extend to areas right across the country.

"There is still a very long way to go until we see a full scale recovery but green shoots are beginning to sprout," he observed.

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