Rics: House prices up

19 January 2006
Last month, house prices saw their second consecutive rise after more than a year of decreases, according to new research.

A study by the Royal Institution of Chartered Surveyors (Rics) shows that there was an increase in buyer activity and property sales, which saw an eight per cent rise in the last quarter of 2005, despite this being a usually quiet time of year.

"The housing market is definitely seeing signs of a recovery. We expect the positive activity at the end of last year to continue over the coming month," said Jeremy Leaf, Rics residential spokesman.

He said that a healthy job market and business climate have supported homebuying and selling and expects that this will continue into the foreseeable future.

Mr Leaf did warn, however, that under-supply could be a problem in the near future.

Surveyors also said that the number of first-time buyers had risen along with their housing market confidence.

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