Rics: property market demonstrating signs of recovery

News Category: Industry News

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Landlords who are monitoring the overall health of the residential property market have been advised by Rics that sellers are seeing improvements in sale prices in recent months.

According to the body's research, houses are now selling at an average of 11 per cent below the asking rate, with a 60 per cent majority of surveyors suggesting that the gap is narrowing.

Scottish property sellers would appear to be benefitting most from the recovery, with local vendors achieving sale prices that are just three per cent below asking price.

Brigid O'Leary, senior economist for Rics, said: "As new instructions continue to decline, a lack of supply is providing some support to house prices and that has helped to close the gap."

However, Ms O'Leary cautioned that continuing uncertainty in the overall economy could yet undermine these signs of recovery.

Last month, figures released by FindaProperty suggested that signs of stabilisation may also be appearing in the rentals market, with average asking prices managing avoid to declining in May for the first time in eight months.

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