11 Nov

"Brighter outlook" for the housing market

"Brighter outlook" for the housing market

One industry expert believes that data indicating that homeowners are returning to the market marks the beginning of a "brighter outlook" for the property industry.

Nicholas Leeming, commercial director of Zoopla.co.uk, said: "Evidence that more homeowners are putting their properties up for sale is real cause for cheer."

The Royal Institution of Chartered Surveyors (Rics) revealed that a net balance of 15 per cent of surveyors reported an increase in new instructions in October, compared with just five per cent in September.

Mr Leeming commented that lack of supply of properties on the market had contained activity over the past few months.

He continued: "Satisfying the colossal pent-up demand from buyers will help drive transactions [and is] crucial to ensuring the property market recovery goes from strength to strength."

At the end of October, the Land Registry announced that the average house price in England and Wales had risen by 0.9 per cent in September, compared with the previous month.

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