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Hopes Housing Market in Yorkshire Recovering

house of the week

6:00am 11th December 2012

There are hopes the housing market in Yorkshire is recovering.

The latest survey from the Royal Institute for Chartered Surveyors shows both the number of homes on the market and potential buyers, increased last month.

Buyer interest grew across Yorkshire and Humber last month, says the latest RICS housing market survey.

Enquiries from would-be buyers saw a rise in the region last month and have remained in positive territory for two consecutive months (net balance +8 percent). Meanwhile, the amount of homes coming up for sale remained fairly flat during November (net balance +8 percent). The sector will be hoping that the government’s recent announcement of funding to free up land for development in England will have the desired impact and increase availability.

Moving on to prices, modest drops were visible in the region. A net balance of 29 percent more Yorkshire and Humberside chartered surveyors reported falling prices during November.

Across the UK, London was once again the only part of the country to see prices increase, with surveyors in the capital reporting a net balance of +40 percent. Northern Ireland and Wales experienced the most significant drops with respondents in those areas reporting net balances of -49 and -36 percent respectively.

Looking ahead, the region’s chartered surveyors are optimistic that activity levels should hold firm with 4 percent more respondents expecting sales to increase rather than decrease over the coming three months.

RICS Yorkshire and Humber Residential spokesperson, Bruce Collinson of Adair Paxton said: “There is certainly some optimism creeping back into the housing market, and it is encouraging to see an increase in enquiries from potential buyers, which will hopefully result in sales increasing next year. That said; there is still a way to go until we see significant improvement in the housing market, and the barriers to home ownership are still very much a problem for the likes of first time buyers.

“We have had encouraging sales results during the last quarter of the year, but there's a slight shortage of saleable stock and a strong sense that if there was more supply of better quality and priced property, we could sell more.   Prices are static at best and therefore falling slightly in most areas. Many vendors’ expectations also remain unrealistic in too many cases, with average prices no better than in 2004 in most sectors.”

Peter Bolton King, RICS Global Residential Director, added: “The announcement in last week’s Autumn Statement of funding to unlock large sites for house building is a step in the right direction, and the Funding for Lending scheme is beginning to bear fruit for potential buyers. However, the macro economic picture continues to weigh heavy on the market and continues prevent any really significant boost in activity.” 

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