From This is Money:
The closely watched property market study showed 11% more chartered surveyor estate agents reporting rising than falling house prices in August ? the highest number since May 2007.
Rics pointed to house prices beginning to rise again earlier this year when it said a lead indicator the sales to stock ratio, which measures sales against available property was edging up.
The Government’s Department of Communities and Local Government report which lags others reported today that house prices rose by 1.4% in July.
The reports follows figures from the Council of Mortgage Lenders yesterday showing the first year-on-year increase in homebuyer mortgage approvals since early 2007.
Rics said that the South of England was leading the revival in the property market with 43% more members in London reporting price rises than falls and a reading of 39% across the South East.
A shortage of supply of new properties coming on to the market combined with demand from cash-rich buyers has been cre…