|British chartered surveyors are predicting a rise in UK house prices for the first time in 18 months, according to an October 18 RICS housing market survey and carried on the institute’s website. |
The number of chartered surveyors reporting price falls for September dropped again, to 21 percent, down from 25 percent in August.
Though the increase in buyer interest is modest, it points to a gradual rise in demand, helped by August’s interest rate cut. New buyer enquiries for September show a further increase, up for the fourth consecutive month.
Buyers continue to maintain their upper hand in the market as levels of unsold property remain high, giving buyers more choice and room to negotiate on prices.
However, increasing demand and a possibility of further interest rate cuts have led surveyors to expect house prices to rise marginally by the end of the year. This turnaround in confidence adds to the evidence pointing to a stabilising of the market.
After declining since mid 2004, London’s house prices are now static. Elsewhere price falls have slowed, most notably in East Anglia and the North, with prices in Scotland continuing to rise. The pace of price falls increased slightly in the South East and Wales, while the North West saw renewed declines after two months of stability.