Rics study forecasts improvement in property sales

News Category: Marketing

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The latest housing market survey by the Royal Institute of Chartered Surveyors (Rics) has indicated that property sales in the UK could increase over the next four months.

Landlords could be in a good position to snap up property as mortgage lenders are cutting their repayments for borrowers after the Bank of England cut the base rate by 1.5 per cent last week.

Homeowners looking to sell might be keen to do so quickly before house prices fall further, meaning landlords could pick up property at bargain prices before the market recovers.

Although the Rics study revealed the lowest level of property sales in three decades in its figures for October, many of its members were confident of an upturn over the next quarter.

Some 37 per cent of surveyors in London and 47 per cent of Rics members in the south-west believe home purchasing will increase in the next four months, the surveyshowed.

Mortgage lenders failed to pass on the Bank's 0.5 per cent rate cut in October, but have passed on the 1.5 per cent reduction in interest rates this month amid pressure from the government and the property industry.

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