More property transactions predicted

Posted: 28 Apr 2009 12:25:07 GMT

Those considering selling their home this year should be aware that there are likely to be more property transactions in the coming months.

At least that is the view of the Royal Institution of Chartered Surveyors (Rics), which is confident the market will pick up later in 2009.

Research from the regulatory group, which also recently indicated that it backs the new government-led Homeowner Mortgage Support Scheme, indicates that the sector is moving in the right direction.

The words of encouragement from Rics come after the British Bankers' Association (BBA) revealed that the number of mortgage approvals in the UK dropped in March.

It was the first time in four months that the level of approvals had not gone up, but Rics is confident this is not a sign of the property market slumping further.

"Crucially, the Rics new-buyer enquiries series rose further last month and our suspicion is that this will translate into higher transactions levels over the coming months notwithstanding the drop in mortgage approvals in March," the group stated.


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