Spring bounce for UK market

According to the Royal Institution of Chartered Surveyors (Rics), activity in the housing market is buoyant, due to the traditional spring pick up…

Rics said in April, 17% more surveyors said prices were going up rather than falling, up from 9% the previous month – which represented an 8-month low.

In the meantime, Rics noted that sales were improving with the average number of completed sales per surveyor rising to 17.4 over the three months to the end of April.

Many reports have suggested that new instructions are now outpacing buyer numbers and this is expected to impact negatively on house prices.

However, Rics said its members had become much more optimistic about both sales and house prices.

Jeremy Leaf of Rics comments: "The start of spring has seen renewed optimism with the good weather improving sentiment and surveyors expecting an increase in both sales and house prices.

"The housing market often sees an increase in new instructions in the early part of the year with sales boosted in the spring and this year has been no exception," he added.

However, many experts believe that ongoing uncertainty about the economy and last week's general election result will have an impact on consumer confidence and, therefore, housing market activity is expected to remain subdued in the coming months.

Source: www.homemove.co.uk