The UK housing market is showing tentative signs of recovery with new buyer enquiries reaching their highest level for almost a decade, according to the Royal Institution of Chartered Surveyors (RICS).
The latest Rics housing market survey found that 41 per cent of surveyors reported a rise, as opposed to a fall, in the level of enquiries by potential property buyers in April, the highest level since July 1999.
In London, the balance of surveyors reporting increased buyer interest rose to 70 per cent, up from 63 per cent in March and the second highest figure since the survey began in 1978.
Rics said some of the new buyer interest was translating into sales, but stressed that transactions remained at low levels.
Estate agents sold an average of 10.6 properties over the three months to the end of April, up from 9.7 the month before, but marked a 41 per cent decrease on the same period last year.
Rics spokesperson Jeremy Leaf said: "There are tentative signs that the market is starting to pick up but transactions remain at very low levels and we are unlikely to see significant improvement while money remains in short supply and the employment picture is uncertain."
"Transaction levels could benefit from an increase in supply but falling prices and low interest rates are discouraging sellers, as is the latest change in Home Information Packs legislation."
He added: " House prices could stabilise in the coming months but prospective purchasers - and first-time buyers particularly - will continue to encounter challenges while banks maintain current LTV ratios and make accessibility difficult even for those who have accumulated considerable equity in their existing properties ."
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Rics Survey Reveals Rise In New Buyer Enquiries Wed, 13 May 2009
     Recommended linksHouse buying and selling portalBuying and selling property guides Properties for sale Surveyors search Free conveyancing quote Estate agents UK directory Interactive property map Rise In New Buyer Enquiries Reported Increased Buyer Interest Failing To Boost Property Sales Property Sales Hit Record Low Despite Growing Enquiries Increase In Property Enquiries Reported |
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