Date Published 22 July 2013
Housing transaction on the rise as prices increase!
Residential property transactions in the UK have reached their highest level in three and a half years as house buyers continue to take advantage of record low interest rates, according to a survey of estate agent.
The monthly market survey from Royal Institution of Chartered Surveyors (RICS) found that the increased availability of cheaper home loans as a result of the Bank of England’s funding for lending scheme (FLS) has led to an increase in transactions.
Agents sold an average of 17.9 homes in three months to May – the highest level since January 2010, although still significantly below the levels hit six years ago. What’s more, sales are expected to continue their increase over the next three months with a net balance of 35 per cent more respondents predicating transaction levels will grow, up from 26 per cent.
Peter Bolton King, RICS Global Residential director, commented, `May was an interesting month for the housing market. More people decided to get out there and view properties and more transactions went through than in quite some time. Most encouragingly of all, though, is that stability is not confined purely to London and the South East, as has been the case, but is now starting to extend to areas right across the country.