The average number of houses sold per chartered surveyor in the East Midlands jumped to its highest level in seven years during the first three months of 2014 as increasing numbers of buyers looked to test the housing market right across the country, says the RICS March Residential Market Survey.
In the three months to March, respondents in the East Midlands sold on average 33 homes, the highest amount since March 2007. This latest increase in transactions comes at a time when the market is showing greater signs of life right across the country. Last month, all parts of the UK saw buyer enquiries increase, with the exception of Wales where new interest was static after strong growth in previous months. Moreover, newly agreed sales rose most notably away from London and the South East for the second consecutive month.
However, while activity is now showing encouraging signs of life in the East Midlands, the market in general continues to be hampered by the lack of homes coming onto the market. New instructions from vendors continued to fall in March as the predicted ‘spring bounce’ failed to materialise, a situation that was reflected in most parts of the UK.