Property market to recover in 2011
Two surveys this month point to a possible recovery in the property market in 2011.
Firstly a poll of its members by the National Association of Estate Agents (NAEA) reported that they saw a surge in the level of enquires, both for buyers and sellers in the first two weeks of January.
Almost two thirds of those surveyed said that the number of house hunters registering with them during the first two weeks of January was higher than they would normally expect for this time of year. A quarter said that levels were consistent with the average for January. Just 14 per cent said things were worse than expected.
Similarly, the level of enquiries from potential sellers went up with nearly half of NAEA members reporting an increase over the same period. Over a third, 36 per cent of agents questioned said that figures remained steady.
NAEA President Mike Jones said: “The results of this latest survey would seem to indicate a renewed confidence in the housing market as we begin 2011. We are hopeful that this strong start to the year will continue into February.”
In a survey conducted by the Royal Institute of Chartered Surveyors (RICS) its members reported that the level of completed house sales saw a slight increase at the end of 2010.
In the three months to December, the average number of completed sales per surveyor increased to an average of 15.2 from 14.8.
Surveyors’ expectations for sales over the coming months edged up, with eight per cent more expecting sales to increase rather than decrease, up from six per cent in November. Many respondents suggested that the market would begin to pick up again in the Spring.
