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Rics expect home sales to rise

15th Feb 2012

Home surveyors are expecting home sales to be on the rise, with only a few weeks left of the stamp duty holiday.

The Royal Institute of Chartered Surveyors (Rics) has said they expect home sales to reach their highest level since May 2010. This is expected to last for the next three months.

The 1% stamp duty is being reintroduced on 24 March. This is for all first-time buyers who are purchasing a property worth between £125,000 and £250,000.

This has led to a more optimistic tone amongst home surveyors about the upcoming months.

"With first-time buyers no longer exempt from stamp duty as of the end of March, it seems that some are looking to purchase homes before the deadline and, as a result, surveyors are relatively optimistic for the coming months," said Michael Newey, Rics' housing spokesman.

Along with the upcoming reintroduction of stamp duty, home surveyors also feel the weather could play a role.

The Rics survey has said that before the cold temperatures in February, the weather has been surprisingly mild for winter. This has meant that more people have felt comfortable to be out and about, looking for their new home.

"It has been a reasonably busy start to the year. The kind weather has meant that viewers can travel some distance," said surveyor Francis Brown, of Richmond, North Yorkshire.

Edward Waterson, a surveyor in York, said: "There has been a surprisingly brisk start to the year, despite the economy.

"Buyers have appeared to get the bit between their teeth and a shortage of stock is forcing them to make decisions and stick to them."

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