Property demand at new high
According to the latest RICS Residential Market Survey demand for property in April reached its highest level in the last three years.
The increase was attributed to the governments Help to Buy scheme. More than 25% more chartered surveyors reported demand for property increasing rather than falling.
Supply increased only modestly leaving not enough housing to meet increased demand. This has meant prices are finally beginning to improve, and the survey recorded its first positive reading for house prices since June 2010.
Peter Bolton King, RICS Global Residential Director said: “It is encouraging to see government initiatives are having an impact on the property market.”
He added: “However there are some understandable concerns that the measures will also lead to higher prices. In view of this, it is critical that developers are as good as their word and speed up the delivery of new stock.”