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RICS: Sellers return to market in April

Simret Samra
Written By:
Posted:
May 10, 2011
Updated:
May 10, 2011

The supply of property for sale increased during April as sellers returned to the housing market during the busy spring period, reported the Royal Institute of Chartered Surveyors (RICS).

According to its latest housing market survey, 18% more chartered surveyors reported a rise rather than fall in new instructions, up from 4% more in March.

Demand from potential buyers showed signs of improving as the good weather led to increased numbers of viewings from potential buyers in some parts of the UK.

However, seller numbers may have risen, but chartered acountants say the lack of mortgage finance means the cash rich make up the majority of people taking advantage of the market.

RICS said house prices are expected to remain modest, with a balance of 18% of surveyors predicting further drops.

Looking ahead, 11% more surveyors said they expect the number of homes changing hands to increase during the year.

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This followed a rise in the number of sales agreed per surveyor over the past three months, which rose to 15.2 during the three months until the end of April. However, this was still down on the long term average of 26.5.

RICS reported that newly agreed sales also edged up in April, as 8% more surveyors reported increases in agreed sales.