• house prices, sales market, RICS

First rise in homes brought to region’s sales market for over a year

The region’s estate agents reported a rise in new homes coming to the sales market last month for the first time since January 2016.

According to the latest monthly UK Residential Market Survey by RICS (Royal Institution of Chartered Surveyors), house prices in the North West also increased.

During August 41% of chartered surveyors reported a rise in the house prices, which is up from the 31% in July.

Meanwhile 38% of the region’s responding agents reported a rise in demand from potential buyers during the same month, which is a sharp increase from the 10% reported in July, and 20% saw an increase in new homes being brought to the sales market.

RICS says that prior to last month, the lack of new sales instructions had been an ongoing problem throughout 2017 and in recent years.

The findings are backed by Liverpool agent Derek Coates of Venmores, who says: “Despite the holiday period, we’ve seen a large increase in both agreed sales and new instructions.

“Liverpool is perceived as a popular location by out of town investors.”

Only 19% of the RICS survey’s respondents expect house prices in the North West to continue rising across the next three months.

Looking further ahead, although price expectations remain subdued for the remainder of 2017, more than half (53%) of respondents anticipate prices will rise over the coming 12 months.

About Author: Natasha Young

Natasha Young is our Editor. She can be contacted by email natasha@movepublishing.co.uk or by phone on 0151 709 3871.