Has the housing market really reached a 14 year high?

RICS reports housing market optimism at 14 year high

The latest RICS survey reveals optimism among surveyors over house sales is at its highest level for more than 14 years. Its findings for June point to the beginning of a recovery, with the month also being the strongest for house price increases in more than three years. A net balance of 45% of respondents, up from 36% in May, said they expected sales to rise in the next three months, the highest proportion since the index began in 1999. Peter Bolton King, global residential director at RICS, said: "We are finally starting to see what looks like the beginning of a recovery. Activity levels still remain depressed by historic standards but the various initiatives designed to encourage the provision of finance into the market do appear to be paying dividends". The survey also showed that a net balance of 23% of surveyors expected prices to rise. Meanwhile, the Herald reports that the RICS Scottish Residential Market Survey reported more homes were going on the market and more new buyers were also looking to buy their first property. Last month, a net balance of 59% more chartered surveyors reported a rise in new buyer enquiries, while almost three-quarters recorded a rise in newly agreed sales.