New figures from the Royal Institution of Chartered Surveyors reveal that the amount of new enquiries in the property market increased for the fifth month in a row.
Buyer enquiries are on the increase in the property market, according to the latest statistics from the Royal Institution of Chartered Surveyors (Rics).
The group found that 31 percent more surveyors saw a rise, rather than a fall, in enquiries during March, up from 21 percent in February. This marks the fifth month in a row that enquires have increased.
According to Rics, the rise is due to the sharp drop in house prices the market has seen over recent months, along with the cheaper cost of money, aided by the Bank of England's slashing of the base rate.
The report is the latest piece of positive news for the housing market this week, following figures from the Council of Mortgage Lenders which revealed that mortgage completions increased by four percent during February. However, Rics spokesperson Ian Perry warned that there are still problems facing the sector.
Buyer interest is starting to gain real momentum but will remain frustrated while mortgage finance is scarce," he explained. "Surveyors are optimistic that transaction levels will increase, especially for those with the finance to purchase family homes."
But first-time buyers may struggle to get on the market while loan-to-value ratios are at their current levels, Mr Perry added. "The market is still in a fragile state but with demand continuing to pick up, there may be more signs of stabilisation in the coming months."
