Housing price statistics from the RICS confirm the general impression that the market has peaked over much of the country. But the RICS figures, compiled from reports from 97 estate agents throughout England and Wales, also show that some areas, particularly the North of England, are still defying national trends by reporting a continuing boom. Nevertheless, agents do not expect this to continue and suggest the boom will end towards the end of the year.
Of the 97 agents who contributed to the survey, 36% reported increases of 8% for the quarter ending in August. This compares with 49% who reported increases in July. Approximately a quarter of agents reported increases of 5% and 2% in each quarter, while 13% reported no change.
A special RICS survey of the South West shows that strong activity in the first two months of the quarter produced figures slightly above the national average. Of those questioned, 40% reported increases of 8%, 20% reported increases of 5% and just over a quarter, increases of 2%. Price increases for some individual properties were spectacular in this area, showing increases as high as 50% over 12 months.
