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RICS states property sales levels may rise

April 3, 2009 by admin  
Filed under News, News-Mortgages

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Surveyors from the have indicated that there could be an increase in property sales over the coming months, as the level of interest shown by potential buyers has been increasing lately.

It is thought that the reason behind the renewed interest in property purchases is the fact that house prices have continued to fall and in addition to this the base interest rate is now at its lowest level in the three hundred and fifteen year history of the Bank of England.

However, RICS has also pointed out that whilst it is hoped that this renewed interest in property purchases will eventually turn into actual sales, for the moment the increase is simply based on enquiries and not actually been converted to sales.

The month of February is said to have been a very subdued one in terms of house sales even though more people have been making enquiries with regards to purchasing a home, and this is because many of those that are interest in getting their hands on a property are still finding that they either cannot get a mortgage or that they cannot afford the sky high deposit that some lenders are now demanding.

An official from the Royal Institute of Chartered Surveyors stated: “Interest from owner-occupiers is likely to persist over the comings months as those with large deposits look to capitalise on the drop in house prices.”

He continued: “Our suspicion is that this improvement in activity levels is likely to be sustained over the coming months; mortgage approvals could climb above 35,000 [per month] on the back of the higher level of buyer interest. However, this would still be well down on the high for the cycle as well as being significantly below the long run average. By no means could this relatively small pick-up in transactions be seen as representing a move back to a more orderly housing market.”

Tags: property sales, actual sales, Business Finance, home, lowest level, potential buyers, property enquiries, Royal Institute of Chartered Surveyors

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