According to real estate agents in the UK, home prices are experiencing a considerable upward trend as a result of property shortages in the country. An increasing demand for sales is also a strong factor in this trend.
Although some agents maintain their gloomy predictions of price falls for the following months, the majority are of the opinion that home sale prices will increase, as indicated by the Royal Institution of Chartered Surveyors (RICS).
According to a Times Online article, the average number of house sales are also rising. The figures published by RICS indicate that this average rose to 12.7 in June, from 11.7 in May 2009. This data is an encouraging indication for the economy, in addition to a rising interest from home buyers.
The article also notes though that some officials in the housing market have warned not to be too optimistic too soon.
The deputy governor of the Bank of England, Charlie Bean, mentioned that many buyers are still struggling to obtain mortgages in an uncertain property market. He said: ?It?ll take some time before banks feel in a position to lend more money.?
Several estate agents are also concerned over this lack of financial support for first-time home buyers. This is a contributing factor to a slower recovery of the property market.
While RICS itself is also careful to be too optimistic about a house market recovery, the latest figures cannot be denied. If the house sale trend continues upward, lenders could soon follow suit, with a full recovery of the market not too far in the future.
