Stable December for market

The RICS December 2012 Housing Market Survey shows prices held broadly stable throughout December.

In positive signs for the market, buyer interest has been on the increase translating to a small increase in transaction levels.

RICS point to the gradual drift downwards of key fixed-term mortgage rates in helping buyer interest pick up.

The BoE’s Funding for Lending Scheme (FLS) has also had an effect. The ‘headline’ national price balance improved from -9 to 0 meaning the same proportion of surveyors reported price falls and rises over the last three months, cancelling each other out on a net basis.

Surveyors have upgraded their price outlook for three and twelve month forecasts. The London market continues to outperform the rest of the UK, and has also seen a marked pick up in price momentum, activity and expectations in recent months.

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