Property market ‘moving towards stability’

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Chartered surveyors across the east of England, including Dacorum, are reporting the emergence of stability in the residential property market.

New buyer enquiries, properties on the market and price movements are all still in negative territory but edging up, according to surveyors organisation RICS in its latest housing market survey, published today (November 13).

Last month, the region’s chartered surveyors reported new buyer enquiries edged up with a net balance of nine percent more respondents reporting falls (from -18 percent). While still in negative territory, the reading has now improved for two consecutive months.

Alongside this, the number of homes coming onto the region’s market was also flat. Last month, four percent more respondents reported falls rather than rises in vendors placing their properties on the market (from -6 percent).

With demand and supply flattening out, so too did prices in the East of England. A net balance of three percent of respondents in the region reported price drops, while still in negative territory, this is the least negative reading since May 2010, says RICS.

All areas of the UK saw improvements in levels of demand with the exception of Northern Ireland and Scotland, says RICS. The North East and the West Midlands saw the most notable rises, with surveyors in those regions reporting net balance readings of +56 and +35 percent respectively.

RICS says East of England chartered surveyors are hopeful the region’s market should remain stable, as a net balance of five percent more respondents predicted rises in transactions over the coming three months.

Kevin Rolfe group director of land and development at Aitchison Raffety, reported that Berkhamsted had seen “a positive month” while Hemel Hempstead had seen a “a positive month for new sales.”

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