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Rics reports largest increase in new buyer enquiries for two years

Royal Institute of Chartered Surveyors reports the largest increase in new buyer enquiries in two years.

The Rics British Housing Market Survey, November 2005 shows the fourth consecutive month of increases.

The number of chartered surveyors reporting price falls for October dropped to 9 per cent, down from 21 per cent in September. Buyer interest is still benefiting from August’s interest rate cut, though the upturn in demand has only partially made up for previous declines.

Sales activity is seeing a modest increase and completed sales have risen almost 8 per cent from their low in February, though they are still down 5 per cent from levels one year ago.

Rics spokesman Jeremy Leaf says: “This month has seen further evidence of a pick up in the market with the recovery in would-be buyer interest. The return to more balanced market conditions is welcome, though negotiations between buyers and sellers remain hard, and over-priced property continues to remain unsold. A return to boom conditions is not at all evident.

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