More price rises reported by surveyors
October 14, 2009
It has been reported that a rising number of surveyors have been reporting property price increases, further fuelling speculation that the property market may have bottomed out and that prices are now on the up.
However, there are still many that claim that this is a temporary revival of property prices, and that it cannot be sustained, which means that property prices could fall again towards the end of this year or the beginning of next.
However, officials from the Royal Institute of Chartered Surveyors have said that there were more surveyors that reported price increases than reporting drops in prices in the three months to September, and that this was the first time that the higher proportion had been positive since 2007, when the onset of the global financial crisis first hit the UK.
One official from the Royal Institute of Chartered Surveyors said: “Although it is clear that house prices are now rising, it continues to be a lack of supply that is underpinning the recovery in most parts of the country.”
He stated that whilst more homeowners were considering selling their properties now this could result in problems with rising house prices once interest rates started to increase.
Surveyors have said that one of the reasons that property prices have been rising is that there was a lack of supply compared to the current demand for property. The institute said that there was increase activity in the property market over recent months and that sales levels were up.
One industry official said: “The low volume of stock is keeping the market buoyant and buyers are chasing homes that they thought they would have time to consider at a gentler pace.”
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