Is the Housing Market Stabilising?
Are we seeing some signs of the housing market beginning to stabilise? This morning, RICs reports enquiries from new buyers increasing for the 7th month in a row in May, reaching their highest level since August 1999. The number of properties sold also continues to increase, with an average of 11.8 per agent in May, up from 10.6. RICS also shows the proportion of surveyors reporting price falls dropping from 58.7% to 44.1% in May. 40% of surveyors expect sales levels to rise over the next few months, the highest level in the quesiton was first asked in 1998.A separate report from the local government office shows the average cost of a home rose by 1.1% in April, with house prices declining at a lower rate of 13%, down from 13.6% in March.
Some agents urge caution into reading too much into these reports, with lack of supply being highlighted as a critical support of house prices.
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