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February sees property price boost

Thu, 16 Mar 2006
The housing market recovery gathered pace in February, according to the latest survey by the Royal Institution of Chartered Surveyors (RICS).

The monthly survey by the Royal Institution of Chartered Surveyors showed that 17% more chartered surveyors across England and Wales reported a rise in house prices than a fall, the firmest growth since June 2004.

Properties are beginning to sell more quickly than last year due to a shortage of properties, this in turn has brought about a new sense of urgency in the housing market.

London was leading the increase, with 49% more chartered surveyors reporting a rise than did a fall in house prices over February, the largest increase in three and half years.

"Traditionally, where London goes the rest of the market follows and agents will be hoping this is the starting gun on wider, firmer housing market growth as buyers begin to compete more aggressively for the homes they want," said RICS spokesman James Scott-Lee.

"Overall, the national picture shows a pick up in family two and three bedroom houses," added Scott-Lee from RICS .

RICS says, "The ratio of completed sales compared with the stock of available property rose to 35% in February from 34% in January, the highest since October 2004, signalling the balance of power in the market was becoming more neutral after a year in which buyers had the upper hand."

"With available property in short supply, sellers are retaining a strong position if their pricing is realistic," says Scott-Lee.

Southern regions of the country and Scotland also saw firm price rises during February, although increases were more modest in northern regions, and prices fell slightly in the Midlands.
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