More people are putting their properties up for sale, according to the Royal Institution of Chartered Surveyors (Rics) - and this apparently points to "a much brighter outlook for the housing market".

Nicholas Leeming, commercial director of property information website, said that Rics' findings are a "cause for cheer".

Rics' data indicated that there was a net balance of 15 per cent of surveyors who reported a rise in the number of new instructions in October - up ten per cent from the previous month.

The net balance of surveyors reporting property price increases rather than falls over between August and October was also up month-on-month.

Mr Leeming commented: "More sellers are now looking to take advantage of strong buyer demand and recent house price increases - not least the ranks of reluctant landlords who let out their properties during the downturn and bided their time until market conditions improved."

Transactions could be driven as the huge pent-up demand from homebuyers is satisified, he added.

Written by Claire Doyle

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