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| Interest in property 'up again' | Interest in property 'up again' |
| (about 8 hours later) | |
| Rising interest from potential buyers coupled with falling numbers of sellers is stabilising UK house prices, according to surveyors. | Rising interest from potential buyers coupled with falling numbers of sellers is stabilising UK house prices, according to surveyors. |
| New buyer inquiries increased for the seventh month in a row in May - at the fastest rate since 1999, said the Royal Institution of Chartered Surveyors. | New buyer inquiries increased for the seventh month in a row in May - at the fastest rate since 1999, said the Royal Institution of Chartered Surveyors. |
| But there were fewer sellers, continuing a trend of the last two years, the survey found. | But there were fewer sellers, continuing a trend of the last two years, the survey found. |
| Two other surveys recently reported a rise in house prices in May. | Two other surveys recently reported a rise in house prices in May. |
| Survey | Survey |
| The Rics survey, which has been running since 1978, takes a snapshot of the degree of confidence in the market from surveyors and estate agents across the UK. | The Rics survey, which has been running since 1978, takes a snapshot of the degree of confidence in the market from surveyors and estate agents across the UK. |
| [There are] definite signs of early recovery but we are hoping the usual summer seasonal downturn does not now occur Ian Shaw, Lincolnshire estate agent href="/1/hi/business/8081900.stm">Bloom or bust for the market? | |
| They reported that average sales were at their highest level since August last year. | They reported that average sales were at their highest level since August last year. |
| However, at 11.8 properties sold per surveyor in the last three months, this remained 31% down on the same period a year earlier. | However, at 11.8 properties sold per surveyor in the last three months, this remained 31% down on the same period a year earlier. |
| The Rics members did again suggest a further increase in potential new buyers window shopping for property, most notably in Scotland, London and the South East of England. | The Rics members did again suggest a further increase in potential new buyers window shopping for property, most notably in Scotland, London and the South East of England. |
| Alongside this, there were fewer people asking agents to sell their homes in May, which was having a logical effect on house prices. | Alongside this, there were fewer people asking agents to sell their homes in May, which was having a logical effect on house prices. |
| "On the face of it, the housing market does appear to be close to bottoming out with activity picking up in a material way and prices at last stabilising," said Rics spokesman Ian Perry. | "On the face of it, the housing market does appear to be close to bottoming out with activity picking up in a material way and prices at last stabilising," said Rics spokesman Ian Perry. |
| "However, it is important to remember that the lack of supply has been as important in underpinning prices as the rise in demand." | "However, it is important to remember that the lack of supply has been as important in underpinning prices as the rise in demand." |
| 'Obstacles' | 'Obstacles' |
| Some 11% more surveyors were now expecting property prices to fall rather than rise, the survey found. In addition, 40% more were predicting sales to increase than fall. | Some 11% more surveyors were now expecting property prices to fall rather than rise, the survey found. In addition, 40% more were predicting sales to increase than fall. |
| Yet, Mr Perry stressed that the troubled state of the economy could still constrain any housing market recovery. | Yet, Mr Perry stressed that the troubled state of the economy could still constrain any housing market recovery. |
| "With the economic backdrop still quite uncertain, unemployment is set to continue increasing sharply and finance for first time buyers is still in short supply, there are a number of significant obstacles for the market to overcome over the coming months," he said. | "With the economic backdrop still quite uncertain, unemployment is set to continue increasing sharply and finance for first time buyers is still in short supply, there are a number of significant obstacles for the market to overcome over the coming months," he said. |
| Some surveyors pointed to the seasonal nature of property sales. | Some surveyors pointed to the seasonal nature of property sales. |
| "[There are] definite signs of early recovery but we are hoping the usual summer seasonal downturn does not now occur," said Ian Shaw, who operates in Lincolnshire. | "[There are] definite signs of early recovery but we are hoping the usual summer seasonal downturn does not now occur," said Ian Shaw, who operates in Lincolnshire. |
| On 4 June, a survey by the Halifax said that UK house prices rose by 2.6% in May compared with April but activity remained low in the market. | On 4 June, a survey by the Halifax said that UK house prices rose by 2.6% in May compared with April but activity remained low in the market. |
| This came shortly after the Nationwide building society reported a 1.2% rise in prices in May compared with April - the second rise in three months. | This came shortly after the Nationwide building society reported a 1.2% rise in prices in May compared with April - the second rise in three months. |