House prices still on the up

15/05/2007

In London, the house price figures were up, reports the Institution of Chartered Surveyors.

26.9 per cent was March’s figures through the eighteenth month running, the surveyors have stated that house prices are increasing than decreasing.

Ian Perry of Rics commented, "Last week's interest rate hike may not be the last as the housing market has not slowed as quickly as expected given the initial round of rate rises. With prices buoyant and conditions still tight another rate rise later in the summer looks likely."

The total amount of homes appearing onto the market place was up again for the second month flowing through April, Rics feel that due to the onset of property information packs (HIPS) during June period this has happened.

Rics stated, "Surveyors report that increasing numbers of sellers are listing their properties early in order to avoid the upfront cost of assembling the pack. Consequently, the stock of unsold property on surveyors' books increased for the first time since last November."

During March period, eight per cent more chartered surveyors explained a drop in new buyers than a rise. In April this rose to 11 per cent reporting drops over a rise.

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