The RICS Housing Market Survey (aka House Price Balance) announced today was down 14% from January’s survey, but “the net price balance remains comfortably in positive territory” at 17%.

In plain English this means that 17% of surveyors responding to the survey reported increasing rather than declining prices

January had reported a fall in interest in the housing market and the February survey shows a return:

“There was a resumption of interest in the housing market following the fall that took place in January, which was due partly to the extreme weather conditions during that month and the reversion back to the previous stamp duty regime,” said Rics spokesman Jeremy Leaf.

New instructions were considerably higher at 15% as opposed -5% in January, and new buyer enquiries also rose to 7% (from -20%). Although this increase has yet to be translated into actual transactions, it is likely therefore that an increase in supply will slow the overall house price increase seen in 2009.

“The magnitude of the gains going forward is likely to continue to ease, reflecting the fact that new supply coming on to the market is starting to outstrip fresh demand.”

“Activity is expected to rise over the coming months after the recent lull with surveyors also anticipating that prices will continue to edge upwards,” said Mr Leaf.

For more information visit: news.bbc.co.uk/1/hi/business/8555681.stm or www.rics.org/site/download_feed.aspx?fileID=6068&fileExtension=PDF (pdf file)

More from Just Do Property:

• RICS Housing Survey: “Extreme weather puts freeze on activity, but prices continue to rise”
• RICS: Spring is in the air as “Prices, activity and expectations rebound in April”
• RICS: May Net Price Balance up to 22%
• RICS: Increase in Supply fails to halt rising prices
• Large drop in net price balance for RICS Housing Market Survey