Further evidence that a housing market recovery is on the way has been provided by figures which show chartered surveyors are expecting property prices to rise.
The housing market survey conducted by the Royal Institution of Chartered Surveyors (RICS) found that on balance the number of the group's members expecting price increases rose for the first time in more than two years.
Six per cent more chartered surveyors expect the price of property to rise over the next three months. In May, the survey registered a negative reading of -11 per cent.
In keeping with the recent trend, surveyors reporting an increase in new enquiries also grew, with a net balance of 67 per cent reporting a rise rather than a fall – the eight consecutive monthly gain and the highest figure recorded since the survey started in April 2009.
The stabilisation of prices can be partly attributed to the low levels of stock currently on the books of chartered surveyors. In the last year, the amount of property on surveyors' books has fallen by around a third.
The mildly encouraging enthusiasm figures – from both consumers and surveyors – are beginning to make an impact on sales, albeit on a small scale. Over the last three months, the average number of properties sold had increased from 11.7 to 12.7.
However, RICS spokesperson, Jeremy Leaf, has warned more must be done to help kickstart a full market turnaround.
"Although the market is showing signs of improvement, it is unlikely that there will be a sustained recovery while mortgage lenders remain risk adverse," he said.
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