Survey shows confidence grows in property market

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CONFIDENCE in the property market is growing, according to a poll of surveyors.

Expectations saw a noticeable turnaround during February in UK housing market research by the Royal Institution of Chartered Surveyors (RICS).

The statistics for February are the first time since May 2010 that the majority of respondents have not predicted further price declines, says the RICS.

Its housing spokesman Alan Collett said: “With the recent upturn in activity brought on by the end of the stamp duty holiday, it seems that a renewed sense of optimism may be slowly returning to the property market.

“Chartered surveyors’ price predictions were more optimistic in almost every area of the country in February.”

Transaction levels continued to edge up, with the average number of sales per surveyor rising to 16, an increase of almost four per cent on the previous month.

This is the most positive reading since September 2010 and suggests the improvement in activity in recent months is continuing.

Another report, from property analyst Hometrack, found asking prices for homes in England and Wales have nudged up 0.3 per cent since February, in line with seasonal expectations.