prices rose for the fifth consecutive month in August, up
at the fastest pace since May 2004 says RICS' UK housing market
survey published this month.
Chartered Surveyors reported a rise than fall in August, up
from 30% in July.
agents reported that price rises are being driven by a combination
of would-be buyers returning to the market and limited availability
of new property coming onto the market.
enquiries accelerated at the fastest pace since September
2003, rising for the fifteenth consecutive month in August;
above trend economic growth and a firm labour market is encouraging
would-be buyers to re-enter the market.
agreed sales showed a strong rise in August, up at the fastest
pace since last November.
rise in August and the prospect of further tightening has
dampened surveyor confidence, though it remains at high levels.
Expectations for price rises over the next three months have
eased back slightly. Excluding the very minor blips in January
and March, this marks the first significant decline in confidence
levels since September 2005.
fall in confidence was recorded in London, where until last
month, confidence was most buoyant.
boom continued in the South East and London as the City economy
strengthened and confidence returned following the stock market
correction in May.
in the North continued to rise and in East Anglia, prices
surged from a near standstill.
rises were recorded in the South West and Yorkshire while
in Wales prices have started to build momentum.
RICS spokesman Ian
week’s interest rate freeze will mean that the housing market
will maintain its current positive momentum.
buyers have been encouraged by a strong economic performance,
but additional rises in interest rates before the end of the
year, could deter buyers as more pressure builds on personal
rises in house prices will prevent entry into the market.
With accessibility 300% worse than 10 years ago, first time
buyers will continue to struggle."
Source : RICS