House Prices Soar Beyond Expectations

Dec. 17, 2009 - PRLog -- London (Ask4debt Consolidation) : If we take the 'demand and supply' yardstick to measure the extent of improvement in UK economy, we find that the demand of houses is on constant rise, even better is the house price rise going along with the process. The data has been gathered from the last month report.

As the Royal Institution of Chartered Surveyors (RICS) stated that there is a significant number of estate agents who have reported a considerable amount of increase in house prices, to utter jubilation, it stood highest for the last three years.  

As the Institution has collected data from the current market, 35 per cent of surveyors have reported the rising of prices instead of a downfall. The last time it stood at 34% was in the month of November in 2006. Since then the market was expecting this sort of news to roll out and finally it is there before us indicating positive signs in UK context. This is in the wake of financial recovery.

The price rise has boosted the confidence of the overall market and of sellers in particular. As far as new instructions are concerned, they are on constant rise for the sixth straight month in November. The ongoing trend has also made the homeowners securer as far as their property prices is concerned.  

One of the comforting features of this trend is the fact that despite of the rising prices, there has been a considerable demand of property in the market. Now that is where one feels confident and consolidated in the market.

As RICS is dependent on surveyors, the same have reported an increase rather than a decrease in new buyer inquiries. Up from 2 percent to 28 percent, the month of November has been too good for the overall market. The current data may not be that substantial, however, it is showing considerable improvement compared to the recent past.

According to the one of the spokesmen of RICS, the latest survey clearly indicates towards price rise. This is despite of the fact that the overall economy is not faring better. However, there has been considerable sense of relief from this piece of news. It may be the case where we are not witnessing exorbitant increase in the number of properties, however, the fact of the matter is that it is significant from the current financial point of view.

Amidst the current jubilations, there has been a significant number of estate agents who have come up with forecast that prices in the capital would rise by up to 7 per cent next year. This is despite of imposing the taxes in the wake of more regulations by the government.

Agents are getting busier with the passage of time as Cluttons, London estate agent, reported his enhanced dealings in the month of December.

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