The UK’s property market is expected to gain momentum by the end of the year, after a raft of recent government housing initiatives acts to boost mortgage availability.
According to a survey conducted by the Royal Institution of Chartered Surveyors (RICS), chartered surveyors’ expectations for future sales hit their highest level for more than two years last month.
It was found that 26% more surveyors expect sales to soar in the final quarter of the year. If you are considering investing in a property, you can compare mortgages with Money Expert.
However, some surveyors still remain cautious about the prospects for the housing market, with 9% more expecting prices to dip over the next three months.
Peter Bolton King, RICS’s global residential director, argued that although surveyor optimism is high, more will still need to be done to reverse the fortunes of the housing market
“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,” he said.
“Despite this, problems still exist and more needs to be done to get the market moving. Unrealistic expectations on the part of vendors seem to be stalling the transaction process.”
He went on to say that although the government’s Funding for Lending scheme has already begun to have a positive impact on mortgage availability, those buyers at the bottom end of the housing ladder are still struggling.
Last month, UK house prices fell by 0.4% and although 15% more surveyors reported decreases rather than increases this was the best figure since spring.
Further figures revealed that demand from buyers continued to be stable with 4% more surveyors seeing risers rather than falls in the number of new buyer enquiries.