Buyer demand booms over October says Rics

Posted: 16 Nov 2006 10:55:52 GMT

Buyer enquiries bounced back from September lows over the course of October, the Royal Institution of Chartered Surveyors (Rics) has claimed

Buyer enquiries bounced back from September lows over the course of October, the Royal Institution of Chartered Surveyors (Rics) has claimed.

The number of Rics members in the UK reporting price rises was up 2.4 per cent in October, from 45.7 per cent to 48.1 per cent, more than double the long-term average.

The number of completions was the highest and the amount of stock on the market the lowest since August 2004.

"Even after last week's interest rate rise, surveyors are still confident that the housing market will remain buoyant," said Ian Perry of Rics.

"London continues to see city bonuses inflate the housing market beyond the accessibility levels of most first-time buyers, and the rest of nation is showing early signs of building up momentum as prices pick up in the laggard markets of the midlands and northern England."

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