Housing market buoyed by rising demand for property

The housing market in East Anglia was buoyed by a rise in both the demand and supply of homes last month, according to new figures.

According to the latest research by the Royal Institution for Chartered Surveyors (RICS), the region bucked an otherwise gloomy trend for the housing market across the rest of the country – with a rise in new instructions from sellers and increasing inquiries from potential buyers.

But RICS also reported that property prices in East Anglia 'continued to slip' last month and have been falling for more than a year.

45pc more surveyors reported a fall in price rather than a rise last month.

RICS' Michael Newey said: 'The picture for the East of England housing market was reasonably positive during June.

'Buyer interest in purchasing property has edged up across the region and this has been met with an increase of new stock coming on to the market. With a rather subdued picture apparent across much of the country, it seems that in comparison, the housing market in the East of England has performed relatively well during June.'

Martin Cunningham, commercial director of the property site Homes24, added: 'A number of factors and challenges continue to hamper a rise in the volume of UK house sale transactions; chief among these remain mortgage lenders' risk- adverse attitude to lending and widespread insecurities around employment, the net outcome being highly localised pockets of communities experiencing either an over-abundance of property to buy or extreme droughts of property sellers.'

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Charlie Penrose, of Arnolds Property Consultants, added: 'May and early June has seen an increase in activity from buyers, and more stock coming to market. But it is still difficult to predict if this is trend.'