The property market continued to show signs of recovery last month with rising house prices and increasing demand, according to the latest Royal Institution of Chartered Surveyors residential market survey.
There was a 21 per cent boost in the number of chartered surveyors saying values rose rather than fell in June – the strongest level for more than three years.
The survey is also positive about the boom lasting, with 23 per cent more respondents reporting prices will rise rather than fall over the coming three months.
Changed stance: RICS members are now predicting a 1.5% rise in house prices in the next 12 months
In fact, the strengthening housing market has resulted in surveyors predicting faster growth than previously expected.
In the survey released this morning, RICS members expect prices to go up 1.5 per cent over the next 12 months – at the start of the year, the prediction was for values to remain static.
They also expect a four per cent a year average increase in property values over the next five years, whereas at the start of 2013 they said there would be a smaller 2.5 per cent rise.
Source: Daily Mail