16/03/2006

Housing market recovery 'gathers pace'

The recovery of the housing market gathered pace in February, the Royal Institution of Chartered Surveyors has said.

According to the latest Rics survey, 17% of its members in England and Wales saw increases in house prices last month, the biggest rise since June 2004.

London saw the largest improvement, with 49% of surveyors in the capital reporting a rise in prices last month. This was the largest rise in London for three and a half years, the Rics said.

Commenting on the figures, Rics spokesman James Scott-Lee, said: "Traditionally, where London goes the rest of the market follows. Agents will be hoping this is the starting gun on wider, firmer housing market growth as buyers begin to compete more aggressively for the homes they want."

(KMcA/GB)


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