Upbeat property market survey 'could signal recovery'

The UK property market could be on the road to recovery, new data from the Royal Institution of Chartered Surveyors (Rics) suggest.

According to the report, 31 per cent more surveyors reported a rise, rather than a fall, in buyer enquiries in March.

Not only is this a rise from February’s gap of 23 per cent, but it is the fifth month in a row that surveyors have experienced an increase in enquiries.

Rics spokesperson Ian Perry said: ’Surveyors are optimistic that transaction levels will increase, especially for those with the finance to purchase family homes.’

House prices have been falling for over a year, due to restrictions on credit from lenders caused by the global financial crisis.

However, there have been recent signs that policy moves from the Bank of England - which has slashed its lending rate to an all-time low and has embarked on an unprecedented £75 billion quantitative easing programme - are beginning to ease mortgage loan provision on the high street.

According to a study from the Council of Mortgage Lenders released yesterday, loan approvals for mortgages rose by four per cent from January to February.

Mr Parry added: ’The market is still in a fragile state but with demand continuing to pick up, there may be more signs of stabilisation in the coming months.’ADNFCR-2318-ID-19121582-ADNFCR