Housing market recovery stimulated by buyer demand, claims RICS
Rising house prices and increased demand are two indicators that highlight signs of recovery in the UK's housing market.
That's according to the Royal Institution of Chartered Surveyors' (RICS) latest report, RICS Residential Market Survey, which saw 21 per cent more chartered surveyors reporting rising prices over falling prices last month, reports freshbusinessthinking.com.
As a result June 2013 became the strongest month for house prices since January 2010, claims the report.
In addition, 23 per cent more respondents reported that prices will rise rather than fall over the coming three months and surveyors expect home sales to rise during the same period.
Increasing numbers of buyers returning to the market is thought to be the catalyst for the rise in house prices, with a net balance of 38 per cent more chartered surveyors reporting a rise in new buyer enquiries.
RICS' global residential director Peter Bolton King commented on the survey to stockmarketwire.com: "After what has seemed like a very long wait we are finally starting to see what looks like the beginning of a recovery in the housing market.
"It is important to remember that activity levels still remain depressed by historic standards but the various initiatives designed to encourage the provision of finance into the market to appear to be paying dividends," he added.