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Housing market shows further signs of recovery
New homebuyer enquiries increased for the seventh consecutive month and
the net balance of house surveyors reporting falling rather than rising
prices narrowed in May to -44, according to data from the Royal
Institute of Chartered Surveyors (RICS).
Although the majority of surveyors are still reporting that house prices are declining, the latest reading of -44 represents the best result since November 2007.
Further evidence that the housing market may have started to recover occurred last week when the Bank of England reported a rise in mortgage approvals in May and Hometrack, a provider of housing information, announced an increase in house sales.
Post Date: June 9th, 2009
Although the majority of surveyors are still reporting that house prices are declining, the latest reading of -44 represents the best result since November 2007.
Further evidence that the housing market may have started to recover occurred last week when the Bank of England reported a rise in mortgage approvals in May and Hometrack, a provider of housing information, announced an increase in house sales.
Post Date: June 9th, 2009
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