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Fri October 30 2020

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Post-election housing bounce expected, says RICS

11 May 10 Surveyors are expecting a post election bounce in the UK housing market, according to the latest RICS survey.

Surveyors are expecting a post election bounce in the UK housing market, according to the latest RICS survey.

The research found that 17% more chartered surveyors reported a rise than a fall in house prices in April, up from 9% in March.

London led the upsurge in positive price sentiment with 55% more surveyors reporting a rise, up from 32%.

Elsewhere, surveyors are still reporting house price rises in every region except for Wales and Yorkshire and Humberside.

RICS said that surveyors expect activity to rise in the coming months.

The sales expectations net balance rose from 6% to 25%, while the price expectations net balance rose from a negative 2% to a positive 7%.

For the first time this year, the newly agreed sales net balance turned positive, with 12% more surveyors saying vendors had agreed a sale, up from a negative 8% in March.

A net balance of 11% of surveyors saw a rise in new instructions while new buyer enquiries rose from 1% to 8%.

RICS spokesperson Jeremy Leaf said: “For much of 2010, the housing market has been under the shadow of the general election with the gap between supply and demand growing wider as potential house buyers opted to stand on the sidelines awaiting the outcome of the poll.

“However, the start of spring has seen renewed optimism with the good weather improving sentiment and surveyors expecting an increase in both sales and house prices.

“The housing market often sees an increase in new instructions in the early part of the year with sales boosted in the spring and this year has been no exception.”

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