House sales across the East Midlands look set to increase as chartered surveyors’ expectations for the coming three months rose significantly, says the latest RICS housing market survey.
Last month, 26 percent more surveyors in the East Midlands predicted transactions to rise rather than fall over the next quarter.
This positive outlook comes at a time when confidence has been growing that the market in some parts of the country may now be over the very worst.
In tandem with this, prices held steady during December. Surveyors continued to report a fall in prices however to a much smaller degree than in previous months. With prices forecast by RICS to rise by two percent during 2013 it seems that the market in some areas of the country may have started to bottom out.
In line with this, surveyors in the East Midlands had a positive view of the price outlook between now and March. Two percent more respondents predicted a rise rather than a fall in prices over the following three months – the first positive price expectation since February 2010.
With transactions expected to increase, demand from would-be buyers also increased last month. However the number of homes coming up for sale decreased last month. During December, a net balance of 13 percent more surveyors reported a decrease in new instructions.
Jonathan O’Shea RICS East Midlands Residential Spokesperson commented: “We too have seen a marked upturn in applicant and viewer activity. In 2010, the last time things picked up this early, we had a good year.
“Confidence does seem to be improving which might have been helped by the impact of the Funding for Lending Scheme.”