Surveyors predict a rise in Plymouth property prices
HOUSE sales across the city look set to increase as chartered surveyors' expectations for the coming three months rise significantly, according to a new survey.
The latest housing market survey from the Royal Institution of Chartered Surveyors (RICS) shows that last month, a "net balance" of 37 per cent more surveyors in the South West predicted transactions will rise rather than fall over the next quarter.
Prices forecast by RICS are to rise by two percent during 2013.
RICS says there has been a notable increase in buyer interest in recent months and there are signs this has been translating into higher transactions. It says surveyors are "turning increasingly confident that activity will pick up."
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RICS residential spokesperson for the South West, Roger Punch, of Stags Estate Agents, said: "The latest survey gives some confidence for the New Year's market but it relies on vendors being prepared to be realistic with price.
"The trend in the early part of any year is for sellers and agents to pitch prices a little high with the view that they can always come down, but this report implies that this normal tactic could hold back a potentially improving market."
With transactions expected to increase, the number of homes coming up for sale significantly increased last month with demand from would-be buyers also increasing.
Peter Bolton King, RICS global residential director, said: "As we start the new year confidence to the housing market does appear to be improving.
"Indeed, our members are predicting that transaction levels will continue increasing in many parts of the country and it may be that we are now over the very worst.
"That said, more still needs to be done to ensure potential buyers can access the market at every level.
"Alongside this, there is still a clear need for more homes to be built."
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