The survey found 21.3 homes were sold per estate agency during the final quarter of 2013, the highest number since March 2008, during the recession.
The lowest number of house sales were recorded in January 2009 when they had fallen to 9.8 per surveyor, showing how far the housing market has come.
House Prices Rising
It was recently reported by the Office for National Statistics there had been a 5.4% rise in average house prices across the UK and Rics also found a rise.
According to the UK Residential Market Survey, the average sales price had now reached £195,100 which is up 14%, while an extra 56% of chartered surveyors reported a price rise.
Peter Bolton King, global residential director at Rics warned,
“Unless we see a marked increase in the number of homes coming up for sale we could well be looking at a price rises becoming unsustainable in some areas,”
Mortgage Lending Rise
The Rics survey also confirms another report from the Council of Mortgage Lenders, which found a 14.9% rise in Mortgage lending during November compared to the previous year.
CML reported 60,000 mortgages were approved in November 2013, with the overall amount lent for mortgages up 22% from November 2012 to £9.4bn.
Help Getting A Mortgage
Government schemes have made it easier for people to get on the housing ladder which has led to a rise in house sales and asking prices.
The two largest schemes being run by the government are the help to buy equity loan and help to buy mortgage guarantee schemes.
Help To Buy: Equity Loan
The equity loan offers buyers up to 20% of a properties value to buy a newly built property to a maximum of £600,000 in England, £400,000 in Scotland and £300,000 in Wales.
The loan can be be repaid at any point within a 25 year period and in England and Wales it will be interest free for the initial 5 years after which the interest will be 1.75% .
Buyers will only need to be able to get a 75% mortgage to be applicable for the equity loan scheme, which means with as little as a 5% deposit someone can get a mortgage.
Help To Buy: Mortgage Guarantee
The mortgage guarantee scheme is an agreement between the lender and the government whereby a lender is able to get 15% of the property value from the government for a buyer.
The buyer must be able to get a 95% mortgage and and property cannot be worth more than £600,000, which essential means the government is paying the deposit.
Applying For Help To Buy
The equity loan can be applied for through an agent however it’s best to ask your mortgage adviser about the scheme and request they help you apply for it.
The mortgage guarantee scheme has to be applied for through those mortgage lenders who are participating in the scheme, your adviser can also help you with this.