Cautious optimism as housing market sees upturn after stability
property: The amount of houses sold in Yorkshire and Humber reached its highest level since June 2012, with chartered surveyors in the region selling an average of 19 homes in the three months to February, says the latest RICS housing market survey.
During February, the increasing market stability seen in recent months translated into an uplift in sales, and surveyors in the region are cautiously optimistic that this trend will stabilise, if not rise, over the coming three months.
Moving on to prices, chartered surveyors in Yorkshire and Humber continued to report drops as a net balance of 28 percent more respondents claimed that prices had dipped.
Meanwhile, demand for property fell across the region as buyers put a hold on looking to purchase a new home. In tandem with this, the amount of homes coming on to the Yorkshire and Humber market also fell last month. A net balance of 1 per cent more surveyors reported rises in new instructions.
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Looking ahead, chartered surveyors in the region expect prices to continue to fall over the next three months.
David Pank, of Manning Stainton, said: "Last month saw a surge of activity from both buyers and sellers, with levels of activity increasing compared with February last year."
Peter Bolton-King, RICS global residential director, said: "It's encouraging to see that the housing market now appears to be picking up across Yorkshire and Humber despite ongoing concerns about the health of the economy.
"This may be down to the growing availability of mortgage finance through schemes such as Funding for Lending.
"However, even with activity running at its best level since the middle of 2010, it is still well down on its pre-crisis norm."