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Residential Market Continues to Defy Gravity

LONDON-The housing market in England and Wales has remained surprisingly buoyant, according to the latest survey from the RICS. A surge in buyer enquiries is underpinning the market.

By Graham Parker | Updated on October 22, 2003

LONDON-Mild autumn weather has attracted more people to go househunting, giveing the housing market a late boost, according to the RICS’s quarterly market saurvey. The number of people looking to buy a house is frowing at its fastest rate since June 1999, and this is a strong indication that sales are likely to increase over the coming months.

A net 49% of chartered surveyors reported a rise in buyer enquiries in September, up sharply from the 18% figure recorded in August. The trend is a reflection of stability in the employment market, low interest rates, and improving confidence levels in the economy. 46% more surveyors expect sales to rise rather than fall over the next three months. Expectations have risen steadily since a dip in the first half of the year.

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