UK property market in Christmas BounceThe Uk property market is enjoying a pre-Christmas bounce, according to private house sales website The Little House Company. The Uk for sale by owner website that has been online since 2000 reports 14% jump in new listings compared to this time last year. The pre Christmas bounce also reflected the trend with figures from the Royal Institution of Chartered Surveyors (RICS). The body found that more vendors are putting their properties on the market and that there has been an increase in the number of potential buyers.
We look at the current state of the Uk property market in the run up to Christmas.
New buyer inquiries up in October 2012
The latest RICS research found that its members reported an increase in new buyer inquiries in October, with 18 per cent more respondents reporting rises than falls, up from just 5 per cent the previous month.
Ian Perry, RICS housing spokesman, said: "The number of potential buyers going out and viewing property saw a welcome boost last month. It seems that with Christmas around the corner, those who are in a position to buy decided to get out there and see what is available."
RICS also report that the number of properties being put up for sale also increased in October 2011. 12 per cent more respondents said there was a rise in vendors placing homes on the market – up from a 5 per cent fall in September. This represents the largest rise since April 2011.
Perry said: "Overall activity is still very low in most parts of the country and what the market desperately needs is for this to translate into actual sales."
Despite these RICS figures, the property and mortgage market in the Uk remains weak. The Council of Mortgage Lenders has reported that lending for house purchases dropped by almost 18 per cent in September.
More Vendors Return
The Little House Company spokes person Jane Marr " It’s encouraging news to see that vendors are returning to the housing market. They are pricing property realistically and most know it is taking longer to sell property. I think we are experiencing a more positive feel heading into 2013
Howard Archer of IHS Global Insight told the Guardian that housing market activity remains very low compared to the long-term norm and suggested house prices could well fall over the winter. "Certainly, any significant turnaround in house prices still looks some way off despite the economy seeing a better-than-expected rebound in GDP growth in the third quarter," he said.