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House sales could increase to highest level in 14 years

The outlook for UK house sales has been described as the strongest since 1999, after data from the Royal Institute of Chartered Surveyors (Rics) was released.

This comes after the majority of those surveyed reported increased house prices, as well as an increase in enquiries from potential buyers. However the best news comes from the predicted sales figures for the next quarter. 45pc of respondents said that they expect sales to increase in the future, up from 36pc in May, making it “the most positive reading in the series’ 14 year history”, according to Rics.

This comes on the back of news that approved mortgages for first time buyers are up by 50pc year-on-year so far in 2013, and also that mortgage approvals across the board are at the highest level in three years, in the first six months of the year.

Government initiatives set out to increase lending from banks, building societies and mutual’s have received an abundance of praise in relation to increased activity in within the housing market, and with unemployment falling and house prices set to increase, the outlook on the economy is improving, and with that, the housing market is gaining strength.

Peter Bolton King, global resident director at Rics, said: “We are finally starting to see what looks like the beginning of a recovery in the housing market.

“It is important to remember that activity levels still remain depressed by historic standards but the various initiatives designed to encourage the provision of finance into the housing market do appear to be paying dividends”.

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