Rics survey hints at recovery

The latest survey of the UK housing market by the Royal Institution of Chartered Surveyors (Rics) shows new buyer enquiries rising for the fifth consecutive month in March, with a consequent increase in newly agreed sales and sales expectations.

From a poll of its members, the Institution calculates that the net balance of surveyors reporting falling rather than rising prices stood at 73.1% last month with the ratio remaining “deeply in negative territory”.

However, it does show a slight improvement on February, when 78% more surveyors reported a fall in prices, rather than a rise.

In addition, March saw the sales to stock ratio rise for the third successive month.

New instructions continued to decline leaving inventories on estate agents books at their lowest levels since September 2007, at an average 66.7.

The Rics points out that the sales to stock ratio is a key guide to future price trends and in March the reading stood at its highest level since August 2008, at 14.6%.

Finally, the study revealed that over the three months to the end of March, estate agency branches sold an average 9.7 properties or 55% less than in the first quarter of 2008.

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