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Buyers return to the housing market - About Property.co.uk

New buyer enquiries were up 20 per cent in February, with London seeing a high not recorded for more than two years.

But the renewed housing market interest is yet to translate into sales.

According to the Royal Institution of Chartered Surveyors (Rics) UK housing market survey, published today, interest in the housing market increased for the fourth consecutive month.

Increased buyer interest was recorded in all regions, with 44 per cent more chartered surveyors reporting a rise than a fall in new buyer enquiries in London, up from 25 per cent in January.

Rics said the rise in interest reflects both the drop in asking prices and continued interest rate cuts. However, this pent up demand has not yet translated into sales.

The average number of transactions per agency in the last quarter is now at 9.5, a drop from 9.8 in November, and the lowest figure since the survey began in 1978.

Rics spokesperson, Jeremy Leaf, said: "Potential buyers continue to come through estate agency doors but without mortgage finance transaction levels are likely to remain close to all time lows.