This means that 10% more surveyors saw a fall in house prices as opposed to an increase in house prices during March. Although overall in England ad Wales this means negative pressure still, the picture is better than last month and has been improving for a number of months. Indeed of those surveyors that reported a fall in prices, 79% saw so within the 0-2% bracket.
The RICS surveyor attributes this to a number of factors:
- the continued positive London Market
- temporary impacts from the stamp duty break expiring
- temporary impacts due to the unseasonably good weather
- fundamental impacts due to less perceived risk of economic downside.
Regionally London is still the only area which is reporting a positive net price balance with approximately 45% of surveyors reporting a rise rather than a fall. East Midland, South West and West Midlands are the worst performers with -25% to -30% net price balance.
Both the newly agreed sales and new buyer enquires are also reporting an modest improvements. New Vendor instructions remained relative unchanged over the month of March.
Newly agreed sales in England and Wales was more widely positive than the net price balance, with half of the regions reporting a positive net balance and half a negative.
New buyer enquiries was more positive with only 3 regions reporting a negtaive net balance – the North being nearly 3 times more negative that the next worst region of East Anglia.