Mixed messages for housing market

SALES activity in the Yorkshire and Humber housing market has picked up but the rate of rises in house prices is slowing down, according to the latest RICS UK Housing Market survey.

New instructions outpaced new buyer enquiries, with 44% of the region’s surveyors reporting a rise in new instructions, compared with 30% back in February.

New buyer enquiries slightly decreased from 17% to 14%.

Nationally, a net balance of 21% of surveyors saw a rise in new instructions, an increase on the 16% reported in February, whilst new buyer enquiries stabilised in March.

A large proportion of the UK’s surveyors reported that political uncertainty is pushing vendors to market their property before the impending General Election, which is resulting in many of the housing market indicators remaining positive or stable.

Activity in Yorkshire and the Humber is expected to rise over the coming months, with the majority of the area’s surveyors expecting prices to stabilise.

The average number of completed sales per surveyor in the region also increased from 21 to 22, a sign that vendor activity is picking up.

RICS member Mark Hunter, a chartered surveyor with Grice & Hunter Estate Agency in South Yorkshire, said: “During March we have experienced a considerable increase in sales.

“The general public has started noticing more ‘sold notices’ and the perception that the market is improving has a huge positive effect on consumer confidence, which goes a long way to encourage vendor activity.

“Contrary to popular perception Easter itself is not a busy period as most wish to holiday or rest after a long winter, but we look forward to mid April onwards with renewed confidence. Usually the residential property market is the first into recession and one of the first out of it.”