9 Sep

Rics survey shows house price balance improvement

Rics survey shows house price balance improvement

The latest survey by the Royal Institution of Chartered Surveyors (Rics) has revealed that the figures for house prices and new buyer enquiries have improved in the last month.

While the balance of those surveyors seeing a fall in prices over a rise was 81 per cent in August, this was down from 83.1 per cent in July.

New instructions to sell were also improving, with just two per cent more surveyors seeing a decrease in these than an increase, compared with three per cent in July.

Rics also noted that repossessions are still at a low level, in contrast with the early 1990s.

Commenting on the survey, Rics spokesman Jeremy Leaf said an increase in mortgage finance was still the key to a significant longer-term turnaround in the market.

One way those looking to take out mortgages may be helped in this respect is by the apparent price war breaking out among mortgage lenders, price comparison site moneysupermarket.com said this week.

It pointed out that in the last two weeks nine of Britain's 12 biggest lenders have dropped their two or three-year fixed mortgage rates.

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