The Royal Institution of Chartered Surveyors (Rics) has concluded that UK housing market activity has showed signs of picking up during October.
Compared with September, the number of sales and new buyer enquiries increased, even though the outlook for first-time buyers remains grim. It has been suggested that sellers were becoming more realistic about pricing their property and lowering their asking prices.
Rics expected a sharp drop in prices over the last several years, resulting from restricted bank lending, low wage growth and high levels of unemployment. However, recent findings have concluded that prices have remained more or less static.
Newly agreed sales currently sit at the highest level seen since April 2010. Despite this, many fear that the Eurozone crisis will impact heavily on UK sales recovery and the lending ability of UK banks.