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Property Prices Are Rising At The Fastest For 6 Years According To Rics…

August 13th 2013
By: Melanie
Property Prices Are Rising At The Fastest For 6 Years According To Rics…

The housing market is starting to show signs of recovery, according to RICS (the Royal Institute of Chartered Surveyors), a survey of its members showed that house prices have been rising at the fastest for six years.

'Government measures to stimulate the market (including both Funding for Lending and Help to Buy) appear to be part of the reason for the pick-up in activity according to survey respondents,' the Royal Institute of Chartered Surveyors stated in a press release.

Rightmove’s property expert, Miles Shipside, told BBC ‘Breakfast’ show that their property portal has seen increased activity over the past couple of months which is now converting into house sales, with increases not only being in the South East and London but across the whole of the UK.

Shipside also stated that: ‘London and the South East are still experiencing the highest house price increase this year, moving at their fastest pace since 2007.’

He said that first-time buyers are also coming back into the market, as they are eager to buy before house prices increase, 62% of people are expecting prices to be higher in a years time, and when people see that happening they tend to try and get onto the housing ladder.

Shipp stated that due to better deals being available for first-time buyers such as the Governments ‘Help to Buy’ scheme on new property, it is enabling more would-be-buyers to get back into the housing market, and enabling people with resale property of up to £600,000 being able to move. The ‘Help to Buy’ scheme will be available as from January 2014, and the anticipation of scheme has helped boost property prices this year.

If you would like to find out what is available to buy in your area, why not contact your local branch of Intercounty.