Outlook brightening for housing market – RICS

HOUSE sales across Yorkshire and the Humber look set to continue to increase after chartered surveyors’ expectations for the coming three months rose significantly.

That’s according to the latest RICS housing market survey which found that 22% more surveyors in the region predicted last month that transactions were to rise rather than fall over the next quarter.

Prices also held steady during December, the research found. Surveyors continued to report a fall in prices, however the overall trend across the region showed moderate improvement. 

With prices forecast by RICS to rise by 2% during 2013, the organisation believes the market in some areas of the country may have started to bottom out.

However, surveyors in Yorkshire and the Humber continue to have a negative view of the price outlook between now and March, with 15% more respondents having predicted further drops over the following three months.

Despite transactions expected to increase, the number of homes coming up for sale decreased last month, with demand from would-be buyers also falling away. 

Peter Bolton King, RICS global residential director, said: “As we start the new year, confidence in the Yorkshire and Humber housing market does appear to be improving, helped in part by the impact of the Funding for Leading Scheme.

“Indeed, our members are predicting that transaction levels will continue increasing in many parts of the region and it may be that we are now over the very worst.”