Housing market 'moderates'

News Category: Industry News

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Property software users are operating in a housing market which is showing signs of evening out amid the ongoing impact of the economic downturn, new research has suggested.

Statistics released by Rics showed that the number of people looking to buy a new home increased for the first time in two years during November.

Falling house prices and aggressive reductions in interest rates by the Bank of England could encourage landlords and lettings agents to add homes to their portfolios while costs are low.

The figures also suggested an expectation that property sales could soon pick up amid signs that the housing market is moderating.

As reported by the Associated Press, Alan Monks of JPMorgan Chase Bank commented: "November gave some hope that house purchase activity has finally troughed and that the most intense phase of the downward price spiral is behind us."

Rics surveyors reporting a rise in new landlord instructions rather than a fall increased by 56 per cent during the third quarter of 2008, according to Rics residential lettings market statistics.

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