Expectations of a recovery increase, Rics says

In its UK housing market survey, the Royal Institute of Chartered Surveyors (Rics) says expectations that sales will improve over the next three months have increased.

However, the average number of transactions per surveyor still fell in October to 10.9 - down from 11.5 in September - representing the lowest number since the survey began in 1978.

Commenting on the data, Rics spokesperson Ian Perry said the interest rate cut last week should help to support the market but the shortage of mortgagefinance is still a key concern.

"Sales should increase in the coming months as more and more sellers understand that greater realism is the only way to make that long desired move," he added.

Gemma Harle, managing director of Mortgage Next, says the self build sector represents an "important market opportunity" for mortgage brokers, as it accounts for approximately 12 per cent of all housing completions each year.