According to the survey, the recent recovery in buyer demand has stalled slightly into a flatter trajectory, likely due to the impact of increased mortgage rates in the past few weeks.
The results for new buyer enquiries also suggest a flattening after a run of three consecutive positive results from the monthly survey. The headline net balance in April was -1%, down from +6% the previous month. However, the RICS points out disparate readings at the regional level, and the declining buyer demand is most found in London and the South of England.
When it comes to agreed sales, this indicator showed improvement in April (+5%) compared to the last month (-5%). This result displays a marginal uptick in monthly sales volumes and is the highest reading since early 2021.
Average stock levels are now at a three-year high, standing at 43 properties per branch. This is backed up by the reading for new instructions during April, with a net balance of +23% of respondents stating that they had an increase – the highest figure since late 2020.
When it comes to house prices, the headline indicator for April was the same as last month, suggesting stability in the market.
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