The UK property market is
enjoying a pre-Christmas bounce, according to private house sales website The Little House Company. The UK for sale by owner website that has been online since 2000 reports 14% jump in new listings compared to this time last year. The pre Christmas bounce also reflected the trend with figures from the Royal
Institution of Chartered Surveyors (RICS). The body found that more vendors
are putting their properties on the market and that there has been an increase
in the number of potential buyers.
We look at the current state of
the UK property market in the run up to Christmas.
New buyer inquiries up in October 2012
The latest RICS research found
that its members reported an increase in new buyer inquiries in October, with
18 per cent more respondents reporting rises than falls, up from just 5 per
cent the previous month.
Ian Perry, RICS housing
spokesman, said: “The number of potential buyers going out and viewing
property saw a welcome boost last month. It seems that with Christmas around
the corner, those who are in a position to buy decided to get out there and see
what is available.”
RICS also report that the number
of properties being put up for sale also increased in October 2011. 12 per cent
more respondents said there was a rise in vendors placing homes on the market ââ¬â
up from a 5 per cent fall in September. This represents the largest rise since
April 2011.
Perry said: “Overall
activity is still very low in most parts of the country and what the market
desperately needs is for this to translate into actual sales.”
Despite these RICS figures, the
property and mortgage market in the UK remains weak. The Council of Mortgage Lenders has reported that lending
for house purchases dropped by almost 18 per cent in September.
More Vendors Return
The Little House Company spokes person Jane Marr ” Its encouraging news to see that vendors are returning to the housing market.They are pricing property realistically and most know it is taking longer to sell property. I think we are experiencing a more positive feel heading into 2013
Howard Archer of IHS Global
Insight told the Guardian that
housing market activity remains very low compared to the long-term norm and
suggested house prices could well fall over the winter. “Certainly, any
significant turnaround in house prices still looks some way off despite the
economy seeing a better-than-expected rebound in GDP growth in the third
quarter,” he said.
