New buyer enquiries for August rose for a third consecutive month at the fastest pace since early 2004, according to research from the Royal Institution of Chartered Surveyors (RICS).
The survey released today suggests this is due to a boost in buyer interest fuelled by August’s interest rate cut.
Completed property sales also rose for the second month running and have risen 7.5% from a low in February, says RICS.
Jeremy Leaf, RICS housing market spokesman, says the sales indicate a return of confidence to the market.
House prices continued to fall in August but at the slowest rate in a year. The number of chartered surveyors reporting price falls decreased from 36% in July to 26% in August.
Leaf says: “Sales are up 7.5% since February, indicating a return of confidence to the market. The pace of decline in house price falls is at its lowest in a year, also pointing to more stable conditions”.
“The big question is whether the market is just stabilising or if this is the beginning of a sustained revival,” says Leaf.
The survey says the number of new properties brought onto the market also rose at the slowest pace in over a year as the pressure to sell diminished.
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