Spring boost for housing market

10/05/2011

The housing market has benefited from the traditionally busy spring period, with an increase in the number of sellers, new figures show.

According to data from the Royal Institution of Chartered Surveyors (RICS), the increase in properties entering the market in April was matched by an improvement in interest from potential buyers, despite many being thwarted by a lack of mortgage finance.

Some 18% of surveyors reported a rise rather than a fall in new instructions - up from just 4% in March.

In addition, the number of surveyors reporting a fall in interest from potential buyers was matched by those who saw a rise, lifting the balance of new enquiries out of negative territory for the first time in 10 months, RICS said.

The group added that only non-mortgage purchasers were really able to take advantage of the current market.

Michael Newey, RICS housing spokesman, said: "The return of sellers to the market is positive, but activity still remains subdued and it is difficult to see it picking up materially over the coming months."