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17 January 2014

Five questions answered on the rise in UK home sales

Is this trend set to continue?

By Heidi Vella

A survey by the Royal Institution of Chartered Surveyors (Rics) has revealed that the amount of houses sold per surveyor has more than doubled since 2009. We answer five questions on the survey’s findings.

How many more house sales are there now compared to 2009?

In January 2009, 9.8 houses were sold per estate agency branch. In the last three months of 2013 this rose to just over 21 sales per estate agency branch – a rise of just over 11 houses per surveyor. This is the highest number since March 2008.

What can this rise in UK house sales be attributed to?

According to Rics, the rise has come from an increasing availability of affordable mortgages and “pent-up” demand from a market that has seen many viable buyers unable to enter the market in recent years.

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Is this trend set to continue?

According to the surveyors interviewed in the survey, prices and sales are going to keep rising.

What else has Rics said?

The institute added that unless more properties are built, prices could continue to rise.

Peter Bolton King, global residential director at Rics, said: “Unless we see a marked increase in the number of homes coming up for sale we could well be looking at a price rises becoming unsustainable in some areas.”

What has the building industry said about this?

According to Bovis Homes, which released a statement today, the number of new homes being built is rising and they are also seeing an increase in forward sales.

David Ritchie, Chief Executive of Bovis Homes, said: “2013 was another successful year for Bovis Homes. Our forward order book is in its best position for many years.”

The company’s average sale price was up 14 per cent to £195,100.

What have the experts said?

Lucian Cook, head of residential research at property adviser, Savills, told the Telegraph: “The positive sentiment in the housing market is likely to result in further increases in transactions in 2014. But with the mortgage market review looming, they could remain well below the pre-crunch norm and heavily weighted to those with equity.”

Howard Archer of IHS Global Insight, also told the publication: “There is a real danger that house prices could really take off over the coming months.”

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