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The unusually hot weather and a rush for first time buyers try to beat a stamp duty deadline gave the housing market a boost last month, a report said.
New buyer enquiries edged up in March, with 9% more estate agents reporting increases rather than decreases in demand, the highest reading in nearly two years, the Royal Institution of Chartered Surveyors (RICS) said.
A balance of 10% of Surveyors reported a fall in prices in March, the least negative reading since June 2010, as prices continued to edge down in all regions except London.
The market saw an upturn in activity as 24. March deadline for the end of the period the stamp duty free for first time buyers on properties worth less than 250, 000 approached. the report said: “another factor that seems to have had a positive effect during March is the weather. March was actually warmer than usual. “
The study said that this could mean the results gave a more robust impression than the underlying trend, although it said there was “growing evidence” for a more fundamental improvement with surveyors are more optimistic. Expectations for future sales remain positive, with a balance of 20% of the surveyors expect sales to increase in the coming three months.
RICS Chief Economist Simon Rubinsohn said: “demand saw a small nudge in March, many first time buyers stamp duty holiday deadline looked to beat. There has been a gentle increase in activity across the market in the early part of the year, but it remains visible on this can continue because the changes in the budget and persistent problems affecting the economy. “
Estate agents have criticized the Government’s decision to impose a 7% stamp duty rate of 2 million properties, says, it will affect sellers and buyers all the way down the chains. Predictions for future prices across the UK remained flat for the second consecutive month, suggesting that the cautious increase in demand can be the deciding factor behind the more optimistic outlook.
North, East Anglia and Scotland saw buying interest fall while surveyors elsewhere reported a steady increase. But North West saw a “remarkable” recovery in activity, with the buyer interest reached its highest level since the end of 2009.
Levels of new properties coming on the market generally stable “” with a balance between 2% more respondents reporting an increase in the instructions.
The main results of the study that question chartered surveyors working in the residential sales market covers England and Wales, but also collected some information covers Scotland and Northern Ireland.
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