If you are a homeowner that has been hoping for an equity rebound to help you qualify for the best remortgage interest rates, then most of the news concerning the housing market has been difficult to digest.  Month after month there has been little demand from first time buyers and experts were pessimistic about anything occurring in the near future that would bring them back to the market.  However, it appears that the housing market could soon be getting a boost that could remain with the market and renew consumer confidence as demand from house hunters has hit a three year high.

According to the Royal Institution of Chartered Surveyors (RICS) the property market has had more interest reported in the last month by hopeful property buyers than has been seen since December 2009.  The lower house prices, as well as the competitive lending market which has brought about historical low interest rates on mortgages, is likely helping bring renewed interest in property buying.  There has also been more effort on lenders to offer lower deposit mortgages which is what is needed for first time buyers.

There were 18% more RICS member agents that reported that new buyer enquiries had increased in their area than decreased and this was a jump of 5% from September reports. 

Ian Perry, of RICS, remarked, “The number of potential buyers going out and viewing property saw a welcome boost last month. It seems that with Christmas around the corner, those who are in a position to buy decided to get out there and see what is available.

“That being said, overall activity is still very low in most parts of the country and what the market desperately needs is for this to translate into actual sales.”