The Royal Institution of Chartered Surveyors (RICS) have reported that last month saw an incresae in new instructions in the West Midlands as homeowners put the market to the test driven by concerns over the future of the economey.
23% more chartered surveyors in the West Midlands reported a rise rather than a fall in new instructions, down slightly from 41% in August, but stll firmly positive. The increase appears to come as homeowners test the market ahead of further public spending cuts, or try to sell before a possible deterioration in the economy.
Meanwhile demand for property increased in the West Midlands.
Despite this re-balancing of supply and demand in the region, prices continue to edge lower. 54% more surveyors reported a fall rather than a rise in house prices in September. Surveyors' future expectations for prices also fell, with 36% more surveyors expecting prices to fall rather than rise.