House sales in the West Midlands have held steady for the third consecutive month, according to a new survey.
Increased confidence in the market has continued to translate into sales, according to the latest RICS housing market survey.
In the three months to March, chartered surveyors in the West Midlands sold an average of 22 homes, the same amount as recorded in the three months to February and up slightly from January’s figure of 20.
Confidence has been slowly returning to the UK housing market since the summer of 2011 and transaction levels have been consistently high for three consecutive months, RICS said.
On average, surveyors in the West Midlands have seen the biggest increase in homes sold since the start of the year, followed by respondents in the London area.
The picture for pricing in the region was less positive, with seven per cent more surveyors reporting falls in house prices.
Similarly, expectations for future house prices were downbeat, with 24 per cent more expecting prices to fall.
Richard Franklin, RICS residential spokesperson for the West Midlands and partner at Edward Gallimore, said: “The increased volume and current market confidence is akin to the first flowers of spring, which can be caught by an arctic blast or the economic equivalent.
“A buoyant, healthy property market is central to economic recovery and, while these are still very much early signs, it is encouraging that sales are beginning to pick-up across the West Midlands.
“The budget did little to stimulate the bulk of the market focusing on new build properties until next spring.
“However, the increase in potential buyers enquiries and viewing property is optimistic.”
The amount of homes coming onto the market was little changed last month.
Just one per cent more surveyors reported rises in new instructions, meaning that the shortfall of fresh stock coming to the market remains a key issue for buyers.
Looking ahead, respondents are divided about whether the recent increase in transactions is set to continue as an equal number expect increases and decreases.