UK property prices on the rise as sales reach 3-year peak
The Royal Institution of Chartered Surveyors (RICS) said that the number of homes sold in the U.K. have been on the rise. The gain of confidence from the market has translated into completed sales and according to the surveyors, it had reached a point where 17.4 homes were sold on an average by each of them. This sharp increase had taken place after a 3-year gap.
RICS further said that there was evidence which proves that The Bank of England has helped in improving market conditions in the form of Funding for Lending schemes (FLS), which was having a positive impact on the property market. One out of every five members did say that the value of homes was rising.
There was a rise in property sales in the West Midlands and it remained in a strong position in London. Whereas prices witnessed a slump in the East Midlands. Due to initiatives such as Funding for Lending, mortgages are getting easier for buyers to handle. Other organizations predicted that there will be rise in housing prices as well, specially due to the budget policies of the Government. According to some analysts, within the next five years, house prices could rise by around £50,000.