Demand surged as stamp duty holiday ended

RICS said the surge in enquiries was the highest reading in almost two years and suggested that the final weeks of the stamp duty holiday saw buyers looking to beat the deadline.

Alongside this the flow of new properties coming onto the market remained stable with a net balance of 2% more surveyors reporting rises in new instructions.

Surveyors added that those looking to sell their homes should be realistic in their price expectations if they are to be successful.

Prices continued to edge downward across all areas of the country except London, albeit at a slower pace than in recent months.

Predictions for future prices across the UK remained flat for the second consecutive month, suggesting that gently increasing levels of demand may be contributing to a more optimistic outlook.

Simon Rubinsohn, chief economist at RICS, said: “Demand saw a slight boost in March as many first-time buyers looked to beat the stamp duty holiday deadline.

“There has been a gentle increase in activity across the market in the early part of the year but it remains to be seen is whether this can continue, given the changes in the Budget and ongoing problems affecting the economy.

"London continues to outperform the rest of the UK in terms of prices but interestingly the North West did see an increase in activity in March."