House prices continue to rise as, after three increases in interest rates, buyers start leaving the property market, the Royal Institution of Chartered Surveyors (Rics) highlighted today.
March was the fourth month in a row the number of first time buyer enquiries decreased, so says Rics.
Whilst the number of first time buyer is falling, the number of properties new on the market is rising at last.
After the longest decline in seven years, brand new instructions to sell went up for the first time in nine months in March. Even though figures seem to have been affected by large increases in new homes coming onto the market in the East Midlands and north-west, this failed to hold back the tide of rising house prices.
March has been the 17th consecutive month where more surveyors reported house price increases than decreases, with house price growth picking up momentum once again.
It is not likely that house prices are going to fall in the short term while the economy remains robust.
Market conditions are tight and mortgage repayments are a concern for many homeowners due to the Bank of England's recent monetary tightening.
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Fewer Buyers in Property Market Mon, 16 Apr 2007
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