Looking, but not buying – yet

Interest from potential homebuyers rose for the fifth month in a row in March but housing transactions remained at record lows as first-time buyers struggled to obtain mortgages.

The Royal Institution of Chartered Surveyors (Rics) reports today that 31% more chartered surveyors reported a rise rather than a fall in new buyer inquiries, up from 21% in February. Interest was strong in every region, with London and Wales leading the way. Rics said the rise in interest reflected the drop in asking prices and the sharp fall in the cost of money.

However, first-time buyers are still struggling to get a foot on the property ladder as banks continue to tighten lending conditions. The average number of sales per surveyor for the past three months rose slightly to 9.7 in March, up from a record low of 9.6 the previous month.

Read more: Looking, but not buying – yet