In October 2000, just 8% of properties were sold to investors. But by August 2003 the figure had risen to 13%. But according to the RICS this suggests that first time buyers are being squeezed out by buy-to-let investors.
The steady rise in new buyers looking for houses continues, with 16 per cent more surveyors reporting a rise in buyer enquiries than a fall during August. The RICS says this trend is a reflection of stability in the employment market and low interest rates.
But while demand is rising, supply is falling: the number of properties on the market in August fell for the third consecutive month. As a result house prices are rising again: RICS members detected a slight rise in in August, the first increase since January this year.
RICS housing spokesman Jeremy Leaf said: "The summer months are traditionally quiet, so we expect to see an increase in activity as we come into the autumn following the start of the new school year. The national picture is one of quite modest house price rises for the first time this year, although the south is still trailing behind the north."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
