Rics survey for March reports highest level of buyer inquiries in two years although sales were slightly down month-on-month.
UK estate agents are becoming increasingly optimistic about the housing market, reporting a third consecutive monthly rise in demand as prices have stabilised, according to a closely watched survey.
The Royal Institution of Chartered Surveyors said its members had seen an increase in new inquiries in March. The difference between the percentage of estate agents reporting a rise in buyer interest versus those recording a drop climbed to 8 points, double the reading of the previous month and the highest reading since February 2022.
The survey also found sustained improvements in the outlook for house prices with that index reaching 38, up from 36 in February and the highest level since June 2022, while supply continued to rise with a fourth consecutive positive reading for new listings.
“Demand continues to recover gradually across the UK housing market, with new buyer inquiries rising for a third month in succession,” said Tarrant Parsons, senior economist at Rics.
“With the inflation backdrop turning a little less difficult of late, this has led to expectations that the Bank of England will be able to start lowering interest rates later in the year. This should continue to support the market to a certain degree going forward,” he added.