A recent market survey carried out by the Royal Institution of Chartered Surveyors (RICS) has revealed good news for the property sector.
According to RICS, the total number of residential properties sold in the last quarter in the UK was at its highest level in nearly 4 years.
Over the period of March to May 2013, more homes were sold than in any quarter since January 2010.
RICS bullish about the next quarter
The survey also suggests that sales will continue to increase over the next three months and surveyors in all areas of the country bar Nortgern Ireland, felt that continued increases over the next 12 months are on the cards.
The report also revealed the increasing disparity in the state of the housing market however, with prices in London rallying faster than anywhere else in the country.
Speaking on behalf of RICS, Simon Rubinsohn said that the market is being buoyed by encouraging economic reports over the past few months.
General economic confidence and the property market are closely linked and there appears to be measured confidence returning to the property market on the back of the economic outlook.
Has the ‘Help to Buy’ scheme helped the market
Certainly Conservatives are quick to make the connection, but in reality it is very early on in the Help to Buy scheme’s life to suggest whether it has had any impact. It may of course have contributed to the overall feeling of confidence however.
More controversially, government schemes to support lending may be contributing to the increase in prices but critics have said that these measure skew the real economic of the market and may lead to ‘burst bubble’.
Eithere way, the lending support schemes have increased mortgage availability in a time where lenders had severely restricted further growth in their lending books.