Spring sees a property market boost.
The residential property market has showed signs of improvement during March as interest from buyers, the number of people looking to sell and total transactions all rose.
The housing market suffered in the early part of the year due to one of the worst winters in years as well as the end of the stamp duty holiday which encouraged a rush to buy homes at the end of 2009. House prices fell at the beginning of the year and mortgage lending was hard to come by.
However, spring has bought a much needed boost to the housing market and sales are likely to improve in the coming months.
The National Association of Estate Agents (NAEA) found that the average number of house hunters per branch was up from 258 in February to 274 in March. However of those 274 house hunters, the number of first time buyers declined from 24% to 23%.
The average number of properties for sale also increased from 56 per agency to 60 which is the highest figure for six months and actual sales increased from 6.8 per branch to 8 in March.
According to the Royal Institute of Chartered Surveyors the number of people trying to sell their homes has reached its highest level since May 2007.
Gary Smith from the NAEA said, “Spring has finally arrived and bought with it a much needed boost to the housing market, particularly among sellers. This figure has been low in recent months and this is a welcome indication that reflects a growing confidence that the recovery is well underway”.