With buyers returning to the property market at the fastest rate for four years, the UK housing market seems as though it has finally begun the long road to recovery. Government finance initiatives have implemented since the start of the year appear to be one of the triggers according to the latest RICS Residential Market Survey.
With the number of potential buyers growing at the fastest rate since July 2009, growth was seen across the whole of the UK. Initially focused in the South East, the good news has now spread to regions across the country. The West Midlands and the North East saw the largest increases in buyer activity.
House prices rose in the country for the fourth consecutive month and grew at their fastest rate since the market peak of November 2006. Notably, this was not only confined to more affluent parts of the country such as London, but every region saw growth as we enter the end of the summer period.
And it doesn’t stop there. 15% more sellers placed their homes up for sale last month which meant six months of consecutive rises. And enquiries from new potential purchasers rose even more quickly. It would appear to be a good bet that prices across the country will continue to rise and the experts at RISC described the figures as “great news for the property market as it looks like at long last a recovery could be around the corner.”
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