Transactions reach three-year high, RICS claims

The number of homes sold in the UK reached a three-year high during March, the RICS has reported.

It puts the rise down to greater confidence, saying that its members sold an average of 17.4 homes in the three months to March.

House prices did not move in March, with just 1% of the RICS’s mysterious ‘net balances’ of surveyors saying that house prices went up.

A net balance of 11% surveyors reported a rise in the number of buyer inquiries – but with little extra in the way of stock for them to look at. The RICS said that the shortfall of fresh stock coming to the market remains a “key issue for buyers”.

A net balance of 19% surveyors expect sales to rise further over the next three months.

The survey was completed by 327 respondents covering a total of 506 offices.

Peter Bolton King, RICS global residential director, said: “A buoyant, healthy property market is central to economic recovery and, while these are still very much early signs, it is encouraging that sales are beginning to pick up.

“The increase in potential buyers getting out there and viewing property is particularly encouraging.

“Thanks to initiatives such as Funding for Lending, mortgages are becoming more accessible to buyers, which is gently easing the pressure on the market and freeing up stagnant chains.”