Home buyer interest climbed for the first time in more than two years this month, figures from the Royal Institution of Chartered Surveyors (RICS) show.
Around 14% more chartered surveyors reported an increase rather than a fall in new buyer enquiries, up from a negative balance of -9 in October, with the biggest increase in interest occurring in the West Midlands.
RICS suggests the rise in interest reflected both the drop in asking prices and recent cuts in interest rates.
The balance of chartered surveyors expecting an upturn in sales over the next three months remains in positive territory at 9%, a drop from 20% in October.
However, the average number of transactions per surveyor fell again, from 10.9 over the past three months to 10.6 - the lowest figure since the survey began in 1978.
Jeremy Leaf, spokesperson for RICS, says many surveyors are starting to see the current market as an opportunity to purchase a previously unaffordable property despite the worsening economic picture.
"But, unless people feel relatively confident about their job prospects, they're unlikely to even try to obtain mortgage finance unless of course trading down or seeking to release capital," he says.
"Vendors still have to accept the inevitable fact that house prices are falling and re-price their property to suit current market conditions."IFAonline
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