RICS survey reports highest level of housebuyer enquiries for two years as prices in South stabilise.

Housebuyer enquiries during October were at their highest for two years last month.

Although house prices fell slightly last month RICS reported that the pace of decline was at its slowest in 15 months.

In London house prices rose for the first time in 18 months, and there were increases in Scotland and the North West. In Southern England house prices stabilised or declined slightly, but they continued to slip in the north and Midlands.

The number of chartered surveyors reporting price falls for October dropped to 9%, down from 21% in September.

RICS said that sales activity had also increased modestly thanks to the August cut in interest rates. As a result stock of available property on surveyor’s books had fallen and was down 4% in the last three months.

Surveyor’s outlook for the market remained ositive in contrast with most of last year said RICS.

RICS spokesperson Jeremy Leaf said: “This month has seen further evidence of a pick up in the market with the recovery in would-be buyer interest. Contributing factors include diminishing uncertainties over the future of interest rates and rising employment which is lifting the demand for homes.”