Across a number of measures, including new buyer interest, price expectations, sales agreed and significantly, property instructions, the RICS survey pointed to improvements in all these areas, although it must be said, from a low base. From a pricing perspective, regions returning price growth include London, the South East and Scotland.
However, the UK economy as a whole is not as rosy as the housing market.
Whilst France, Germany and Japan all returned positive growth figures for Q2, the UK economy, like the US, remains in recession. And it was, perhaps, with current projections in mind that the Bank of England extended the Asset purchase scheme to £175bn, more than the £25bn extension anticipated. Like the UK, Japan, has also been undertaking a government stimulus programme and it is hoped, following their lead, that the UK will not be far behind in returning to black.