Rise in the number of instructions for 2012

Grovelawn Financial News 12/01/2012

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Vendors must be more price realistic though.

The Royal Institute of Chartered Surveyors (RICS), have released figures that show the rise in the number of new instructions for the third month in a row. The figures suggest that more sellers were coming on to the market in time for the start of 2012. The average number of completed sales per surveyor was at 15.2 in the three months to December, slightly down on November's figure.

The number of instructions in London represented one of the biggest rises, the highest level since January 2005. Although the number of new buyer inquiries has risen, many surveyors are said to have low expectations of sales completing due to the number of “unrealistic price expectations” of many vendors.

Although property prices continued to fall in most areas except London, it was at a slower rate. Home owners in the areas of Yorkshire, Humberside and the West Midlands saw their property prices fall the most and many surveyors said they felt that prices would fall further over the next few months.

Ian Perry an RICS spokesman said: "The increasing number of prospective sellers who placed their homes on the market in December is a positive development, as a lack of stock has been a big issue in some parts of the country.

But with sales expectations remaining flat, it is important that vendors are realistic in their pricing if they wish the sale to go through in good time."

← Homeowners get itchy feet after 7 years | News For January 2012 | Sale and rent back schemes to end →

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