The number of homes sold in the West Midlands per chartered surveyor reached its highest point in more than three and a half years last month, according to a new survey.
December’s RICS Residential Market Survey showed the average number of transactions per surveyor reached 23, the highest point in the region since March 2010 and almost three times the lowest point of the downturn in March 2009 when respondents were selling just eight.
With more sales going through, growth in demand for rented accommodation has begun to slow significantly as a growing number of renters opt to test the sales market. Respondents note that increased confidence is a key driver behind growing activity.
During December, 45 per cent more chartered surveyors reported growing prices in the West Midlands. Significantly, every area of the UK saw prices increase with London and the South East experiencing the biggest jumps.
Given the more positive tone to the market, expectations for 2014 are upbeat with respondents predicting both sales and price numbers will continue to increase through the course of this year. This is largely being driven by easing in credit conditions, resulting in higher loan to value mortgages, and the ongoing imbalance between supply and demand.
Charles Robinson FRICS, said: “The end of 2013 was exceptionally busy, with more people actively looking for properties to purchase. The biggest problem in the West Midlands is the lack of housing stock; we do not have the supply to keep up with the demand.”