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UK housing market expected to make recovery

RICS predicts upswing of activity in last quarter

Confidence in the housing market is at its highest level for two years, according to a new survey by the Royal Institute of Chartered Surveyors. The organisation’s latest survey found that 26 per cent more respondents to the monthly survey said they expected housing transactions to increase in the last three months of 2012 rather than decrease. This is the most positive result since May 2010. Coupled to this expectation is the forecast that house prices will fall more slowly over the coming months. Only nine per cent more surveyors believed that prices would drop rather than increase.

Recent months has seen a persistent fall in house prices since June. Average sale prices fell by 0.4% in September taking the total decrease for the last three months to 1.2%.

Peter Bolton King, global residential director at RICS, said: “The housing market was relatively flat during September but surveyors are optimistic that the run in to Christmas could see an increase in activity in many areas of the country. Prices are still dipping but at a much lower rate than seen in previous months.”

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