Region’s housing market continues to strengthen – RICS
THE number of homes sold in the North West last month reached its highest level since early 2008, as demand continued to strengthen.
The RICS (Royal Institution of Chartered Surveyors) Residential Market Survey said sales inquiries were being boosted by the Government’s Help to Buy Scheme, though regionally there is a lack of new instructions.
In the three months to October, chartered surveyors in the North West sold an average of 25 homes, the highest amount since February 2008.
Almost every region of the country saw transaction levels increase demonstrating hat the recovery is spreading beyond London and the South East.
In tandem with rising sales, 60% more surveyors in the region reported an increase in new buyer enquiries last month – up from 53% in September.
RICS said many areas of the North West are continue to see rising house prices too, with 38% of respondents reporting an increase in prices during October.
Chartered surveyor, Andrew Holmes of Thomson Hayton Winkley Estate Agents, Kendal said: “October was the busiest month of the year so far with record sales agreed and record new instructions from quality properties. Finance is definitely easing the general situation with more competition from owner occupiers.”
Andrew Duncan of J B & B Leach Estate Agents, St Helens added: “Activity levels in the sales arena are all positive and the ‘Help to Buy scheme’ has certainly put the focus on the housing market recently.”
Simon Rubinsohn, RICS Chief Economist, commented: “It’s no secret the housing market in the North West is gathering some momentum and that buyer numbers are on the rise. A greater willingness by lenders to increase loan to values on mortgage products allied to the Help to Buy scheme has meant that more and more first time buyers are in a position to enter the market.
“In spite of this, the amount of homes currently up for sale in the region is still nowhere near enough to keep up with demand and – in order for the market to function correctly – this imbalance urgently needs to be addressed.
“Housebuilding starts have picked-up recently but we are still well behind in terms of the amount of properties needed. If we are to create a more sustainable market, it is critical that many more good quality homes are built in areas where people want to live.”
