Housing Market Recovery 'Round The Corner'

House price rises are now being seen across the country as activity grows following the financial crisis.

According to the latest housing market report by the Royal Institution of Chartered Surveyors (Rics) there are signs a recovery is "round the corner".

The West Midlands and the North East, areas which Rics said have "suffered more than most" since the market crash, experienced the biggest increases in buyer activity in July.

And growth in buyer numbers was seen across the UK as the upswing in activity, which has been particularly concentrated in London and the South East, spread outwards.

Around 53% more surveyors reported increases rather than falls in demand.

As buyer numbers strengthened, prices rose across the country for the fourth month in a row, growing at their fastest rate since the market peak of November 2006, Rics said.

Looking ahead, a balance of 35% more surveyors expect prices to continue their increase rather than fall, while 53% more surveyors expect sales to rise over the next three months.

The Rics figures were released ahead of official statistics which also showed an acceleration in prices.

The building of new houses is picking up as demand increases

In the 12 months to June, the Office for National Statistics said UK house prices increased by 3.1%, up from a 2.9% increase in the year to May.

The ONS found that house price growth remained stable across most of the UK, though London was increasing faster than the UK average.

Peter Bolton King, Rics global residential director, said: "It is clearly good news that those parts of the property market that were struggling are at last showing some signs of life."

Lenders, estate agents and property websites have been reporting big uplifts in activity this year following the launch of various Government schemes to unblock the housing market.

The Communities Secretary Eric Pickles

More first-time buyers have been seen entering the market and sellers also appear to be more confident about sticking close to their asking prices amid improved mortgage availability.

But fears have been raised that the initiatives must not lead to a property bubble.

A Government scheme called Help to Buy is in particular focus.

The Communities Secretary Eric Pickles has insisted Government initiatives are creating a "sustainable" boost in UK housing.

He made the remark as his department released figures showing reservations for new-build homes under Help To Buy had reached 10,000.

Mr Pickles said the equity loan scheme was "giving the confidence to house builders to deliver and build more new homes" and that house building was now at its highest level since 2008.

Between October 2010 and October 2012, 319,000 additional homes across England were added to the supply, according to the figures, with more than 150,000 affordable homes added.

Repossessions were also at a six-year low and mortgage arrears at their lowest since 2008, officials said.

Labour's Shadow Housing Minister Jack Dromey painted a different picture - despite welcoming Government help for first time buyers.

He said: "David Cameron's Government has presided over the lowest level of homes built than any other peacetime Government since the 1920s.

"Their failure to build the affordable homes the country needs means there is real concern that this scheme (Help to Buy) will do little to bring the cost of housing within the reach of low and middle income earners."

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