The Royal Institution of Chartered Surveyors (Rics) has revealed that UK house sales rose to their highest level for more than three years in the three months to the end of May. Members of Rics each recorded on average 17.9 property sales, which is still below the peak of the market, but shows that there was some momentum in the housing market during this period. 35% of surveyors now believe that house sales will continue to rise over the next three months, which is up from 26% previously. Peter Bolton King, global residential director at Rics said “There is still a very long way to go until we see a full scale recovery, but green shoots are beginning to sprout.”
A survey by Nationwide Building Society reported a 1.1% annual growth in prices in the year to the end of May, which shows that the housing market is “gradually gaining momentum”. It said this was partly owed to the government schemes aimed at stimulating the market. The rise in house prices is expected to continue this year, which is good news for sellers but bad news for first-time buyers trying to get onto the ladder.Despite the promising news, the Bank of England has stated that there was a 4.3% reduction in the value of new mortgage commitments to £35.5bn in the first three months of the year compared with the first quarter of 2012, emphasising that there is still a long way to go until the market has fully recovered.The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.Setfords Solicitors are a national full service law firm, with property solicitors in Nottingham and across the country.