The number of new homes on the West Midlands market grew last month amid concerns over the future of the economy.
The latest RICS UK Housing Market survey shows 23 per cent more chartered surveyors reported a rise rather than a fall in new instructions, down slightly from 41 per cent in August – but still firmly positive.
The increase appears to come as homeowners test the market ahead of further public spending cuts, or try to sell before a possible deterioration in the economy. Elsewhere, the North and Yorkshire and The Humber also reported large increases in seller activity.
Meanwhile, demand for property increased in the West Midlands. The net balance for new buyer enquiries rose from seven per cent to 20 per cent, reflecting the return of some buyers to the market, influenced by more choice and lower prices.
RICS spokesperson, Ian Perry said: “Although demand increased in the West Midlands this month, the imbalance between supply and demand continues to be a problem. First time buyers are in particularly short supply as the high deposits required by lenders prevent them from taking their first steps on the property ladder.
“Without sufficient demand property prices continue to slip back. However, vendors who are prepared to be realistic with pricing are still able to achieve a sale. It’s very much a buyers market at the moment.”
Meanwhile, 54 per cent more surveyors reported a fall rather than rise in house prices in September, up slightly from a net balance of -46 percent the month before.
Surveyors’ future expectations for prices also fell, with 36 per cent more surveyors expecting prices to fall rather than rise.