House Seller Numbers on The Rise.

by Mark Johnston

House Seller Numbers on The Rise.

It seems that the housing market has been fuelled by Government stimulus schemes such as Help to Buy and Funding for Lending.

Research has shown that house prices in the UK are on the rise, with 40 per cent more surveyors reporting rises rather than falls across the UK. This is the highest reading since November 2006.

first time buyers 2Figures from the Halifax showed house prices are 5.4 per cent higher than last summer.

However, while a rise in house prices is on a whole a good situation, some experts do not wish to see prices rise to such an extent that they become unaffordable.

The fact is that for the market to work properly, it is vital that property is both accessible and affordable to buyers.

But, rising house prices and increased buyer demand has prompted significantly more sellers to come back to the market in August, according to the latest Royal Institution of Chartered Surveyors (RICS) UK residential market survey.

Legal & General Mortgage Club managing director Ben Thompson says: “More positive figures reflect the improving picture in the UK housing market. “

It seems that with positivity starting to return to areas right across the UK, those who may have been waiting for the right time to sell are choosing now to do so.

During August, data reveals that around 26 per cent more chartered surveyors reported increases, not decreases, in new instructions.

Research has revealed that underlying market conditions are at levels not seen since the financial crisis.

A current survey revealed surveyors recorded an average of 17.9 of sold properties each over the last quarter, while August saw a rise of properties going on sale in the UK property market.

Jonathan Hopper, managing director of property search consultants Garrington, said: “There is with out doubt more momentum in the property market and this latest data is further proof of that.

New figures from property website Rightmove shows a significant increase in the number of new sellers now entering the market.

Hometrack, a company which provide specialist insight on residential property values, risk and opportunity, reported that the average time taken to sell a property falling to 8.1 weeks and sellers are now achieving 94.6 per cent of the price sought last month.

It therefore appears that buyers are now more willing than they have been in years to compromise on issues ranging from price to location.

The Royal Institution of Chartered Surveyors (RICS) global residential director Peter Bolton King says: “It is not surprising that more and more people are looking to sell their homes. Buyers are out there and prices are on the up so if you are looking to move it is a good time to do so.”

All this said it is no wonder that many industry insiders believe that now is the time for home owners who have been on the fence about whether to sell to make their move.

 

 



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