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Buyer and seller balance experiences shift

Recent research by the Royal Institution of Chartered Surveyors (Rics) has indicated that the housing market has taken a significant shift, with new sales instructions outpacing enquiries from new buyers in February, the second consecutive month this has occurred.

In the latter half of 2009, house prices began to rise as a shortage of properties on the market combined with a high demand from buyers.

Despite this shift, Rics also reported that more surveyors reported a rise in prices than falls in February. Jeremy Lead, Rics spokesman, added: “Most market indicators are still positive and consistent with further house price increases. However, the magnitude of the gains going forward is likely to continue to ease reflecting the fact that new supply coming onto the market is starting to outstrip fresh demand.”

Both the Halifax and the Nationwide reported house price falls in February, attributing this to the poor weather conditions and the end of the stamp duty holiday. Rics expect activity to rise in the short-term and surveyors are anticipating further house price rises.

Source: Home Move

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