RICS June 2013 Residential Market Survey

The housing market in Wales continued to show signs of recovery during June with an increase in demand and activity, says the latest RICS Residential Market Survey (9 July 2013).

The Welsh housing market showed positive signs last month with an increase in potential buyers returning to the market. A net balance of 77% more chartered surveyors reported a rise in new buyer enquiries. Additionally 44% more surveyors reported a growth in newly agreed sales, suggesting market confidence is gradually being restored.

Reflecting this slightly more positive mood, surveyors in Wales expect home sales to rise over the coming three months, with a net balance of 35% more respondents predicting sales will increase.

Prices remained stable in June, however, the outlook for future prices was more positive with 21% more respondents reporting that prices will rise rather than fall over the coming three months. In the longer term, respondents of the survey predict house prices in Wales to rise by 1% in the next year. After what has seemed like a very long wait we are finally starting to see what looks like the beginning of a recovery in the housing market. It is important to remember that activity levels remain depressed by historic standards, however, future expectations suggest that we have turned a corner.

Tony Filice, RICS Wales Residential spokesperson and Director of Kelvin Francis Chartered Surveyors, Cardiff

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