|
House prices have started to rise again for the first time in 15 months reports the latest housing market survey from the Royal Institution of Chartered Surveyors.
The three months to November saw 4% more chartered surveyors reporting rises in prices than falls. October’s figures showed a balance of 8% reporting falls.
Buyer enquiries have consistently risen over the past six months and the market slowdown appears to have come to an end, said the surveyors. Relatively low interest rates and a healthy job climate have helped avoid the housing crashes that have followed previous slowdowns in the 1970s and 1990s.
Surveyor confidence is at its highest in 18 months and property sales for November have increased. Market conditions are tightening as the level of property coming onto the market continues to fall, returning the bargaining initiative to the seller.
Sipps and Reits
The decision by Gordon Brown not to allow residential property to be included as part of a Self Invested Personal Pension (SIPP) has diminished property investment possibilities, though RICS does not expect this to have an impact on the market next year. However, individuals may soon be able to take advantage of property investment tax breaks by using a Real Estate Investment Trust (REIT) to invest indirectly in residential property.
|
Get
this news on your website !
Sponsored listings: