Everest industry news
Rics records slight house price recovery in October
11 November 2008
A leading property industry body has claimed today (November 11th) that the first shoots of a recovery in house buying demand could have emerged in October.The Royal Institution of Chartered Surveyors (Rics) conducted its market survey for the month and found that prices recovered slightly, albeit from a historical low.
Although the number of new instructions to sell declined, the Rics research showed that the balance of its members recording price falls over increases was up from -84.5 to -81.8.
If buyers are now slowly tempted back over the coming months, it may prove to be the deciding factor for homeowners contemplating quickly improving their homes to add market value.
Rics spokesman Ian Perry commented: "Many vendors have finally started to accept current market conditions and are dropping their asking prices to achieve a sale.
"Sales should increase in the coming months as more and more sellers understand that greater realism is the only way to make that long desired move."
Rics was first established in London back in 1868 as the 'Institution of Savers', following a meeting of 49 surveyors at Westminster Palace Hotel.
