A new report found that house sales in the United Kingdom have gone up to their highest level compared to recent years. The study looked at sales numbers from beginning of this year to this past May.
According to the study which was conducted by The Royal Institution of Chartered Surveyors (RICS), 17.9 homesales on average occurred in this period of time. While the figures are still lower than past record sales previous of the housing crisis, industry experts say that they indicate a positive development in the sector.
Several industry experts anticipate a surge in sales in the upcoming three months. The number of those who expect sales to drop has gone down as well.
“While those new numbers might not be indicative for a full scale recovery on the market they are nevertheless to be seen as a very positive sign”, said the global residential director at RICS.
House prices in many areas in the United Kingdom are expected to rise, however this will have a positive effect for some and a negative one for others. The upcoming months will be attractive for sellers while first-time-buyers will have it more difficult due to the higher prices.
This is the second survey that now sees signs of a gradually improving housing market in the United Kingdom. Just recently, a study conducted by the Nationwide Building Society reported a 1.1% increase in prices as well. One reason given for the current development is new government schemes aiming to stimulate the British housing market. Then again, the same studies did not see significant changes on the British mortgage market. Some analysts still see a majority of borrowers that are hesitant to jump on newly offered mortgage deals.
“Whether this is really turning into a buying market in particular for first-time buyers remains to be seen. Many borrowers are still paying off their debt from the last housing crisis back in 2007/2008. Wages are rising slower and rents have gone up, this is affecting many that otherwise would be interested to buy. I think it is too early to make a prediction at this point whether the British housing market is recovering.”, an industry insider told us.