House price improve may not be sustainable

Recent figures from Communities and Local Government show a stabilisation of house prices across the UK and moderate rises in Scotland and Wales, but a property expert has urged caution.

While some might be forgiven for taking the data to be a sign the market has begun a recovery, the Royal Institution of Chartered Surveyors (Rics) has hinted this might not necessarily be the case.

Chief economist Simon Rubinsohn suggested homeowners should be careful that they understand the market is still fairly open to change.

He noted the current situation reflected the findings of the Rics sales to stock ratio, which has risen consecutively for the past six months.

"It still, however, remains at a historically low level which warrants some caution about just how sustainable any improvement in the pricing climate is likely to prove," Mr Rubinsohn noted.

This statement mirrors the CLG findings, which also show prices in May were still 12.5 per cent lower than the previous year.

Uncertainty might lead some homeowners to decide a loft extension with roof light might be a good investment to improve their current property rather than moving out.