News: Increased activity in UK property market reported in October

Wed, 09 Nov 11

The UK residential property market saw an increase in activity during October, as sales levels rose, and demand edged up, according to the latest report from the Royal Institution of Chartered Surveyors published today (Tuesday 08 November).

Some 8% more chartered surveyors reported newly agreed sales rose rather than fell, representing a rebound in activity after the past month’s dip of 3%.

Although still at historically low levels, this rise represents the best reading since April 2010. Some surveyors attributed this increase to growing realism from many sellers, who now appear to more willing to take offers in order to secure a sale.

Completed sales rose slightly, to an average of 15 per surveyor, by branch, over the past three months. While still muted, this represents the strongest level since April. 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.

Source: PropertyWire.com

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