Housing transactions on the rise as prices remain stable

The predicted rise in house prices at the start of January failed to emerge, but the market for properties for sale was boosted by the fact that there was a greater number of transactions carried out.

The latest survey conducted by the Royal Institute of Chartered Surveyors (Rics) showed that a net balance of four per cent of its members felt there had been a drop in the cost of purchasing throughout January rather than a rise.

It means that predictions that the Funding for Lending scheme would boost the market from the start of the year did not materialise straight away, although there is still strong hope that its future impact will be positive.

Despite the falling prices reported by Rics though, the organisation also said that a balance of 15 per cent of its agents felt they had seen a greater volume of transactions in January than they did in December.

More homes being sold is always a positive marker for the sector, and Peter Bolton King, Rics global residential director, said: "While it is still very early days to talk about a comprehensive market recovery, activity levels are still encouraging and there is some optimism out there that things could continue to improve."

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