–RICS: Net 17% Surveyors Saw UK House Prices Up Apr vs 9% Mar
–RICS: Apr Sales To Stocks Ratio 28.4 Vs Mar’s 25.5
–RICS: Apr Sales To Stocks Ratio Highest Since Dec 2009
–RICS Cites Seasonal Spring Boost To Housing Market

LONDON (MNI) – Housing market sentiment surged across the board
last month, after showing a sharp dip in March, according to the latest
RICS house market survey.

The net price balance increased from 9 to 17, showing a larger
number of surveyors witnessed an increase rather than a decrease in
house prices over the last three months.

RICS said that the new buyer enquiries net balance increased from 1
to 8, the highest seen since last December. The newly agreed sales net
balance turned positive for the first time this year, rising from -8 to
12.

On the supply side, the new vendor instructions net balance fell
from 21 to 11, indicating that instructions continued to increase but at
a slower pace.

RICS said that surveyors have also become more optimistic on the
outlook for prices and sales activity. The sales expectations net
balance increased from 6 to 25, the highest reading since last October.

Price expectations moved back into positive territory, with the net
balance increasing from -2 to 7. The average stock of property on
surveyors’ books fell by 8.9% on the month to 61.3 per surveyor.

The average number of completed sales rose by 1.5% on the month to
17.4 per surveyor. This has the effect of pushing up the sales to stock
ratio – a key indicator of market slack – from 25.5 to 28.4 (the highest
reading since December 2009).

Commenting, RICS spokesperson, Jeremy Leaf said:

“For much of 2010, the housing market has been under the shadow of
the general election with the gap between supply and demand growing
wider as potential house buyers opted to stand on the sidelines awaiting
the outcome of the poll. However, the start of spring has seen renewed
optimism with the good weather improving sentiment and surveyors
expecting an increase in both sales and house prices. The housing market
often sees an increase in new instructions in the early part of the year
with sales boosted in the spring and this year has been no exception.”

–London newsroom 4420 7862 7492 email: ukeditorial@marketnews.com

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