House sales in the West Midlands hit a 15-month high in February, according to a new survey.
The amount of houses sold in the region reached its highest level since November 2011 with chartered surveyors selling an average of 22 homes in the three months to February, according to the RICS February 2013 UK Housing Market Survey.
During February, the increasing market stability seen in recent months translated into an uplift in sales in the region and surveyors are cautiously optimistic that this trend will remain stable.
Four per cent more respondents predict transaction levels will fall over the coming three months.
Moving on to prices, West Midlands chartered surveyors reported a flat trend as four per cent more respondents claimed that prices had dipped.
Andrew Grant, of Worcestershire and Herefordshire estate agents Andrew Grant, said: “February has shown some healthy signs of increasing market activity with sales up on January.
“Also newly registering buyer numbers increased and those viewing properties doubled. Prices have been stable but if more houses hold back from the market then we may see upward pressure on prices.”
Demand for property in the region remained steady as buyers in many parts continued to consider purchasing a new home.
It would appear that the increase in mortgage finance availability from the Government’s Funding for Lending scheme may be slowly encouraging would-be buyers to test the market.
In tandem with this, the amount of homes coming onto the market was stable last month.
Even so, the number of properties available remains at historically low levels.
RICS West Midlands spokesperson Richard Franklin, partner at Edward Gallimore, said: “The increase in volume of transaction is the key indicator of a market’s health.
“Increased activity will vitalise chains and enable families in the West Midlands to better match their housing needs.
“Chartered surveyors in the West Midlands do not envisage any significant stimulus from next week’s budget, which they regard as a missed opportunity to retain market momentum and boost confidence.”