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News: Surveyors Report House Price Rises

Tue, 15 Sep 09

The proportion of surveyors reporting a rise in house prices is at its highest level for two years, according to the latest survey by the Royal Institution of Chartered Surveyors (RICS).

More reported that UK house prices were rising in the three months to August than reported a fall. This is the first time in two years that the three-monthly figures have shown a positive attitude among surveyors regarding house prices.

RICS spokesman Jeremy Leaf said: “Although it is clear that house prices are now rising, it continues to be the lack of supply that is underpinning the recovery in most parts of the country.

“The more positive news flow will gradually encourage vendors to start putting property back on the market. This development should enable more potential purchasers to find desirable properties to buy but it could also present a challenge to the firmer trend in prices particularly when interest rates finally begin to move upwards."

Surveyors in the South East of England were among the most positive about house prices and prices rose at the fastest rate in London, South East and South West of England, according to the survey.

Surveyors in the Midlands saw the highest level of sales in the three months to August. In the East Midlands the sales per surveyor rate was 22 and the figure was 19 in the West Midlands.

Home.co.uk’s latest Asking Price Index suggests that house prices could fall slightly in the coming months. According to the latest figures the mix-adjusted average asking price for homes on the market in England and Wales fell by a 0.6% in September.

By Joe Lepper

See also: Asking Price Index, House Prices and Trends by Town and Postcode, Mortgages

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