House sales across the West Midlands look set to increase as chartered surveyors’ expectations for the coming three months rose significantly, says the latest RICS housing market survey.
Last month, a net balance of 29 per cent more surveyors in the West Midlands predicted transactions to rise rather than fall over the next quarter. This positive outlook comes at a time when confidence has been growing that the market in some parts of the country may now be over the very worst.
In tandem with this, prices in the West Midlands stabilised last month; this represents the first time in over two and a half years that prices have stopped falling in the region. With prices forecast by RICS to rise by two percent during 2013 it seems that the market in some areas of the country may have started to bottom out.
However, surveyors in the West Midlands continue to have a negative view of the price outlook between now and March. 13 percent more respondents have predicted further drops over the following three months.
With transactions expected to increase, the number of homes coming up for sale significantly increased last month. During December, a net balance of 22 percent more surveyors reported an increase in new instructions.
Richard Franklin, Partner of Edward Gallimore and RICS West Midlands spokesperson,said: “Our members in the West Midlands are on the frontline, and the survey reflects the regional picture rather than the recent broad-brush national commentaries, which have painted a darker picture.
"The feedback throughout the region is the market thaw this year, brought about by the additional mortgage funds available, will see a steady strengthening of the market and increased numbers of transactions later in 2013. Transaction numbers are key to re-animate interest at large.”
Across the UK, London once again bucked the overall trend and saw significant increases in prices, while the North East and Wales saw the biggest drops.