Surveyors from the Royal Institute of Chartered Surveyors have stated that whilst property sales levels in the UK still remain low there has been rising interest from would be buyers. Officials from RICS said that rising interest from potential buyers was gaining ‘real momentum’.

March saw new buyer enquiries increase for the fifth consecutive months according to RICS, but it did add that not many of these enquiries were converting into sales, with the number of properties being sold per month by estate agents still low.

There is hope that the level of property sales will pick up over the course of this year, but officials have said that things are still very tough for first time buyers, who usually keep the property market buoyant.

A spokesperson for the Royal Institute of Chartered Surveyors said: “Buyer interest is starting to gain real momentum, but will remain frustrated while mortgage finance is scarce. 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.”

A number of factors are thought to have been responsible for the increase in interest from buyers. The all time low base interest rate in the UK, which stands at just 0.5 percent, is one major factor that has increased buyers’ interest. Also, falling house prices and predictions that the housing market may be bottoming out has also spurred many on to make enquiries. Finally, many cash rich consumers may be turning to the property market because of the paltry returns that they are getting on their money in other areas.

One official said: “Those with cash in the bank on close to nil returns are considering and often actually moving back into the property market.”

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