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Housing demand and prices continue to rise

House prices have reached a three month high and demand from buyers is at the highest level since 2009, according to The Royal Institute of Chartered Surveyors (Rics).

This highlights the growing momentum gathering within the housing market, which has seen increasing numbers of mortgage approvals and steady average property price increases so far in 2013.

Government initiatives such as Funding for Lending and Help to Buy have been credited with assisting the growth of the housing market, making it easier for people to gain access to cheaper mortgages and encouraging buying.

Rics have said that the demand from buyers is now at a level not witnessed since November 2009, and prices which have increased over the course of the last three months, have done so for the first time since the summer of 2010.

Peter Bolton King of Rics, said: “It is encouraging to see Government initiatives are having an impact on the property market. Help to Buy in combination with the Funding for Lending scheme appears to be giving the market a shot in the arm”.

However the report also highlighted the fact that the market is still only at a level where activity is half of that experienced at the peak a decade ago. As well as this there was a warning from Rics that if more houses aren’t built the prices could rise too quickly.

“There are some understandable concerns that the measures could also lead to higher prices. In view of this it is critical that developers are as good as their word and speed up delivery of new stock”, said Bolton King.

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