Essex RICS report shows a rise in property prices and new instructions

PRICE and sales expectations continued to improve in September, according to the Essex RICS Housing Market Survey.Price expectation has markedly improved with 26 per cent of chartered surveyors expecting a rise rather than a fall, up from 18 per cent in

PRICE and sales expectations continued to improve in September, according to the Essex RICS Housing Market Survey.

Price expectation has markedly improved with 26 per cent of chartered surveyors expecting a rise rather than a fall, up from 18 per cent in the East of England the previous month.

New instructions to sell also witnessed a considerable increase as 12 per cent more chartered surveyors reported a rise rather than a fall compared with eight per cent reporting a fall rather than a rise in August.

Sales expectations saw a slight increase in September, with four per cent of East of England chartered surveyors reporting a rise rather than a fall, compared with three per cent in August.


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However, chartered surveyors in the region reported that house prices had remained static in September, with one per cent expecting a fall rather than a rise. In addition, newly agreed sales decreased this month with 14 per cent more chartered surveyors reporting a rise rather than a fall, down from 22 per cent in August.

In addition, while transaction levels are still positive, East of England sales per surveying firm fell to 17 over the past three months. This figure is down from 25 the previous month.

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Commenting, RICS East operations director, David Potter, said: "A lack of supply is still underpinning improvements in house prices with new instructions to estate agents edging up.

"Meanwhile despite the problems first-time buyers are continuing to encounter in securing finance, the level of enquiries from potential purchasers is increasing.

"This imbalance between demand and supply suggests that house prices will rise in the near term.

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