Property prices are on the rise

More people will be celebrating moving in with champagne as the market picks up
More people will be celebrating moving in with champagne as the market picks up

RISING prices and burgeoning buyer demand have led to an increase in homes coming on to the property market in the North West.

Some 47 percent more surveyors in the region reported increases rather than decreases in new instructions last month (up from 41 percent back in July).

With positivity returning to areas right across the region, it seems those who may have been waiting for the right time to sell are choosing to do so now.

However, although supply increased last month, it did not rise enough to keep pace with the sheer weight of demand, says the August RICS (Royal Institution of Chartered Surveyors) Residential Market Survey.

During August, the number of would-be buyers increased yet again as increasingly accessible finance allowed more people to enter the market.

A net balance of 89 percent more respondents reported growing numbers of enquiries from potential buyers last month (compared with 47 percent in July).

House prices increased in the region too, as a net balance of 27 percent more North West surveyors reported rises rather than falls in prices, up from 17 percent in July.

The number of homes sold in the region also rose during the month of August, with 80 percent more surveyors reporting a rise rather than a fall in newly agreed sales (compared with 54 percent back in July).

Across the country, each region saw supply increase as the recovery continues to spread from the South East of England to other areas. The South West and the North East, in particular, saw the number of new homes coming onto the market rise significantly.

Looking ahead, it seems that recent price rises are going to continue unabated. A net balance of 58 percent more surveyors in the region expect further price growth over the next three months as the market continues find its feet.

Meanwhile, transaction levels are also expected to grow, as 59 percent more respondents expect sales to rise rather than fall over the coming three months.

Peter Bolton King, RICS concludes: “It’s not surprising that more and more people are looking to sell their homes.

“The buyers are out there and prices are on the up so if you’re looking to move it’s a good time to do so.

“What we don’t wish to see, however, is prices rise to such an extent that they become unaffordable.

“For the market to work properly, it’s vital that property is both accessible and affordable, and we’ll be monitoring the situation very carefully as the housing sector continues to recover.”