RICS: Optimism picking up in housing market

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RICS: Optimism picking up in housing market

Tue 14th Jul 2009

According to the Royal Institute of Chartered Surveyors' (RICS') latest housing market survey, although there are still problems to be overcome, confidence is picking up in the sector.

The survey showed that price expectations rose in the housing market for the first time since May 2007, due to an increase in enquiries from buyers and low levels of stock on surveyors' books.

Additionally, it found that six per cent more chartered surveyors expect house prices to rise over the next three months, compared to figures from May.

"While supply remains tight, the market may continue to show tentative signs of firming but instructions are starting to increase in some regions and this could dampen any meaningful recovery," explained Jeremy Leaf, a spokesperson for RICS.

The RICS housing market survey was founded in 1978 and, as the longest-running survey of its kind in the UK, is referred to by the Bank of England's Monetary Committee during its monthly interest rate meetings.

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