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More property on the market
Surveyors in the South East have recorded the highest reading of vendor activity since May 2007 whilst the rate of house price rises has slowed, according to the latest RICS Housing Market survey.
For the third consecutive month, the new instructions net balance outpaced the new buyer enquiries net balance. A net balance of 4% of surveyors saw a rise in new instructions, which compares with a balance of 6% in February. New buyer enquiries fell significantly in March, the net balance falling from 28% to minus 2%. Surveyors report that political uncertainty seems to be pushing vendors to market their property before the impending General Election.
32% more chartered surveyors reported a rise than a fall in house prices, down from 35% in February. There was a large variation in regional price trends with the South East, London and Scotland being the best performing markets nationally and prices falling in some northern regions.
Activity is expected to rise over the coming months, but at a much more subdued pace than was expected in February. The sales expectations net balnce fell from 20% to minus 1%. Prices are also expected to more or less stabilise over the coming months.
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