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House Market 'looking Stronger'

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From the bbc courtesy of there friends at the The Royal Institution of Chartered Surveyors

The housing market showed more signs of strengthening in October, with the fastest growth in inquiries by would-be buyers for two years, a report says.

The Royal Institution of Chartered Surveyors said house sales were up and the number of people looking to buy had risen for the fourth month in a row.

It added that while house prices had continued to fall, the rate of decline was at its slowest in 15 months.

A spokesman said it remained a buyers' market but the balance was shifting.

Overall, only 9% more surveyors in England, Wales and Scotland reported seeing price falls than those who reported rises, - well down on a figure of 21% more during September.

Falling prices

Sales rose slightly during the month and levels are now nearly 8% higher than the low they reached in February, although they are still 5% below the level seen in October last year.

In London, prices increased during October for the first time in 18 months, while across the rest of southern England they either stabilised or showed marginal declines.

The cost of property continued to fall in northern England and the Midlands, although prices rose in the North West and Scotland.

The group said surveyors were positive about the outlook for the market, expecting modest price increases in most regions of the country over the coming three months

Now i dont even know where to begin here, first IF HOUSE PRICES HAVE BEEN FALLING FOR 15 MONTHS THEN THAT MEANS YOY HOUSE PRICES ARE DOWN.

But still they claim there up, so which is it ?

second what the heck do enquiries mean, anyone could say enquires are up, that is surely conjecture, enquires dont mean a jot if they dont convert to a sale.

And the last bit i would like to comment on is since when is a small rise from a miserable low sales volume, good news?. Its surely still as bad if its so good find an estate agent that is happy with the quantity of sales at the moment.instead of losing 100 million a year they rise will mean they only lose 90 mill.Its still an unsustainable loss due to low volume that gives a end result of bankrupcy, it just will take a couple weeks more to get there.

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Yes, this is not a very convincing report from the BBC. I suggest anyone interested shold read the source material at rics.org.uk. The 'rise' in surveyor optimism is mostly down to seasonal adjustment for a start. Secondly, as I understand it this survey only reports the 'balance of opinion' about whether rises or falls (both unquantified) are occurring. So there might be a large percentage of surveyors who think that there is a £1 price rise, which although completely negligible, will look impressive as a headline.

Lastly, anyone convinced by the spin should scroll down to the end of the report and read the very PESSIMISTIC comments by real EAs in their own words. They actually seem, dare I say, remarkably honest. The dishonesty, if there is any, probably comes from the Public Relations team steering journalists and/or lazy/busy reporters not bothering to delve into the report and going for the first angle offered to them.

On the face of it, there is little evidence of a recovery here.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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