Poor weather depresses market activity: RICS

Surveyors reported that buyer enquiries fell for the first time in 14 months while new instructions dropped for the first time in seven months. The number of sales per surveying firm fell from 19 to 18.

However, surveyors are optimistic that these negative signs are a reflection of the extreme weather conditions experienced in the early part of the month rather than anything else.

Surveyors who expect house prices to rise increased from 12% to 24% while those who expect sales to pick up over the next three months rose from 7% to 24%.

In January, 32% more chartered surveyors reported a rise than a fall in house prices up from 30% in December.

Ian Perry, spokesperson at RICS, said activity and interest is likely to pick up in the coming months as the market experiences a spring bounce.

He added: "House prices are likely to rise in the short term but if more supply continues to come onto the market, it is possible that the market will run out of steam in the latter part of the year."