New buyer interest rises

11 April 2012

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Interest in the British property market rose in March according to recent statistics.

Research collated by the Royal Institute of Chartered Surveyors (RICS) has revealed that 9% more surveyors reported an increase in enquiries from prospective buyers.

The recent warm weather and people looking to purchase property before the Stamp Duty holiday ended on 24 March are the reasons cited for the rise.

Simon Rubinsohn, Chief Economist at the RICS, noted on the BBC that: "There has been a gentle increase in activity across the market in the early part of the year but it remains to be seen 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."

The government has introduced a number of measures such as the NewBuy scheme to replace the Stamp Duty holiday. The NewBuy scheme will enable first-time buyers to purchase new property with a small deposit.

For more information on this scheme, please contact us.

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