RICS: Low prices may revive property sales

The Royal Institute of Chartered Surveyors (RICS) has said that property sales may rise this year due to low house prices reigniting people’s interest in buying a home.

RICS said that new buyer enquiries had risen for the third consecutive month, which may indicate an increase in confidence amongst would-be homebuyers.

However, first-time buyers were still largely ‘locked out’ of the market, according to the BBC.

According to official Government figures, average house prices fell by 10% in 2008, but limited availability of mortgages has meant that significantly fewer homes were sold than in previous years.

Lower house prices are expected to encourage more sales once mortgages become more readily available.

---

Think Money work with a panel of lenders to offer a range of mortgages. If you are considering taking out a mortgage, contact one of our expert mortgage advisers today.

Tags: mortgage, mortgages, rics, The Royal Institute of Chartered Surveyors, mortgage availability, available, getting a mortgage, first time buyers, new buyers

Fees payable when continuing service is provided. Repaying debt over a longer period may increase the total amount to be repaid. Calls are recorded and are usually free from UK landlines. Mobile phone users may be charged and should check with their service provider. Cards are provided by third parties and are subject to eligibility, status and terms and conditions. Applicants must be UK residents aged 18 or over.