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Buyers returning to the housing market according to RICS

Wednesday, 15 April 2009 8:20 AM

Buyers are continuing to return to the housing market, particularly in London, according to the Royal Institution of Chartered Surveyors (Rics) housing market survey published today.

Rics found the key sales to stock ratio rose for the third consecutive month, with new enquiries in the market increasing for the fifth consecutive month.

Some 31 per cent more chartered surveyors reported a rise than a fall in new buyer enquiries up from 21 per cent in February.

The survey found buyer enquiries were beginning to translate into sales, despite the historically low levels, with interest strongest in London and Wales; Rics said, "as house prices drop, those with finance are now looking to do more than window shop".

Rics spokesperson Ian Perry said: "Buyer interest is starting to gain real momentum but will remain frustrated while mortgage finance is scarce.

"Surveyors are optimistic that transaction levels will increase, especially for those with the finance to purchase family homes. However, accessibility for first time buyers is likely to remain difficult while loan to value ratios generally remain at current levels."

There was also good news for house prices, with the balance of surveyors reporting house price falls dropping only slightly in March.

Mr Perry added: "The market is still in a fragile state but with demand continuing to pick up, there may be more signs of stabilisation in the coming months."

Howard Archer, chief UK & European economist at IHS Global Insight, said last night: "There are increasing signs that the housing market activity may have passed its worst point. Indeed, the Bank of England reported that mortgage approvals rose to a nine-month high of 37,900 in February from 31,791 in January and a record low of 27,330 last November.

"Nevertheless, housing market activity is still very low by long-term norms and any pick up in activity over the coming months is likely to be gradual and fitful given ongoing very poor economic fundamentals and still tight credit conditions.

"Consequently we believe that house prices will fall significantly further, although we do expect the rate of decline to gradually moderate over the coming months."

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