House sales rise in the South West
The number of housing transactions in the South West grew during January, says the latest RICS housing market survey (12 February 2013).
During January, chartered surveyors across the region reported a further increase in the number of newly agreed sales with a net balance of 16 percent more respondents stating that levels rose.
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In tandem with this, prices remained broadly stable during the first month of the year. Seven percent more respondents stated that prices fell rather than rose last month (from -5 percent). While still negative this does mean that prices have remained fairly consistent from December. Along with other signs, this suggests that the very worst may be over for the region's market.
Despite this, demand from would-be purchasers in the South West fell since the start of the New Year, with a net balance of seven percent of surveyors suggesting that new buyer enquiries fell during January. This was also accompanied by a slight fall in the number of homes coming up for sale as surveyors suggested that poor weather may have contributed to the softer figures.
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RICS Residential Spokesperson for the South West, Roger Punch of Estate Agents Stags, said: "While the report is encouraging there is a real danger of vendors becoming over-confident and complacent of a recovery as the year progresses. To be successful in selling it remains vital to be pricing modestly with levels still well below the figures obtainable at the height of the market in 2006/7."
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