Residential property developers are driving the recovery in the UK construction industry, it has been revealed.
With enquiries for new homes on the rise more housebuilders are actively increasing the supply of new-build homes in an effort to cater for greater demand, the latest Construction Market Survey from the Royal Institution of Chartered Surveyors (RICS) shows.
The Royal Institution of Chartered Surveyors (RICS) has released its 2014 pre-budget statement, concluding that the chancellor should re-consider the currently thresholds of Stamp Duty, which RICS describe as "an archaic tax structure which is distorting the housing market".
Home sales in the UK reached a six-year high in the final three months of 2013, according to the Royal Institution of Chartered Surveyors (RICS).
The latest RICS survey shows that the number of UK homes sold per surveyor has more than doubled since the depth of the housing market downturn just under six years ago.
With rising demand from buyers continuing to heavily outstrip the supply of new housing coming onto the market, supported by easier access to cheap mortgage finance, UK property prices are expected to appreciate further in the coming months, a new survey shows.
Residential property prices recorded their fastest rate of growth since 2006 last month, while sales also rose to a multi-year high, a new survey shows. The Royal Institution of Chartered Surveyors' seasonally adjusted house price balance climbed to +40 from a slightly upwardly revised +37 in July, staying at its highest since November 2006.
The balance reflects the percentage of chartered surveyors reporting increases, not decreases in property prices.
The housing market recovery continued last month, with residential property prices in Britain appreciating at their fastest pace since they hit a peak in 2006, supported by Help to Buy and other government-backed schemes.
There were further signs that the UK housing market is firmly on the road to recovery last month, with home prices rising on the back of greater demand, according to the latest RICS Residential Market Survey.
Property prices are rising at their fastest pace in more than three years, with 21% more chartered surveyors reporting that prices rose rather than fell in June, making this the strongest month for house prices since January 2010.
New home registrations in the UK soared to a five-year high in the first quarter of this year, increasing by 22% year-on-year, fresh data shows.
Despite the sluggish nature of the UK economy, residential property prices are expected to continue rising in 2013, albeit marginally, according to the Royal Institution of Chartered Surveyors (RICS).
With a chronic shortage of new homes in relation to growing demand for housing, RICS estimate that the property prices will appreciate by 2% over the course of next year while the cost of renting a home should increase by around 4%.
If you are thinking of entering the buy-to-let market, now could be a great time to do so. Two recent property market reports have shown that investors are set to make steady returns over the next decade as increasing rents and a house price recovery boost the sector. With competition between buy-to-let mortgage lenders resulting in falling interest rates, it could be the perfect time to buy.