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Insight & Opinion

RICS: UK home sales soar to four-year high

Author: Gemma

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The number of homes sold in Britain hit a near-four-year high last month, a new study has found.

The Royal Institution of Chartered Surveyors (RICS) found the average amount of properties sold per chartered surveyor in the three months to September reached 18.7, marking the highest figure since November 2009.

RICS believes this demonstrates how the market is now picking up throughout the country.

RICS found there are 54 per cent more respondents reporting rises rather than falls, while prices have increased since Easter, a pattern that has been seen across the UK.

Every part of the country saw prices go up last month, with the exception of the north east where prices dropped modestly for the second month in a row.

Peter Bolton King, RICS global residential director, said: “It’s encouraging that the market is starting to improve in all parts of the country with more buyers looking to make a move and more sales going through.

“Even so, it’s a big concern that the supply of property coming to the market is lagging so far behind demand. This imbalance is likely to result in further upward pressure in prices over the coming months, particularly in the nation’s hotspots.”

RICS believes predictions for future growth are upbeat, claiming that 56 per cent more respondents expect their number of transactions to rise further over the next three months.

On top of this, 48 per cent more predict prices to carry on pushing upwards.

Jonathan Hopper, managing director of property finders at Garrington, also commented on the results.

He explained they show an encouraging increase in the number of properties sold in the UK, showing an encouraging increase in the number of properties sold in the UK.

“The numbers show that the stalling period appears to be far behind us and we are moving forward with over half of surveyors expecting the number of transactions to increase further over the coming three months,” he noted.

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