RICS has reported that the supply of property rose during April, as sellers returned to the test the Spring housing market.
In its latest UK Housing Market survey it found that 18% more chartered surveyors reported a rise rather than fall in new instructions, up from 4% more in March.
Demand also showed signs of steadying, with new buyer enquiries moving to a net balance of 0% and taking the series out of negative territory for the first time in 10 months.
During April, respondents noted that the good weather led to increased numbers of viewings from potential buyers in some parts of the UK. Despite this, surveyors continue to report that a lack of mortgage finance is hindering many, with only the cash-rich able to really take advantage of the market.
Average sales per surveyor over the past three months rose to 15.2, the best level since December. Newly agreed sales also edged up in April, as 8% more surveyors reported increases not falls in agreed sales, taking the series to its best level for a year.
RICs said the picture remains more downbeat for house prices, in part due to the continued imbalance between demand and supply. 21% more surveyors reported prices fell rather than rose in April, but this is the best level since June last year. Similarly, surveyors’ expectations for prices over the next three months remain in negative territory, at a net balance of -18, also taking the series to June 2010 levels.
Looking ahead, 11% more surveyors predict sales to increase rather than decrease over the next three months.
RICS housing spokesperson, Michael Newey, said: “The return of sellers to the market is positive
