Housing market activity defied expectations in April, as the general sentiment from agnets continues to point to a stronger picture for overall sales market activity, the latest RICS data shows.

The results from the April RICS survey shows a slightly mellowed market this time around, although positive results in the general sentiment of survey respondents, new listings and agreed sales indicators put a spring in the step of the UK property market.

Tom Bill, head of UK residential research at Knight Frank commented: “Any spring bounce in activity this year has been kept in check by a nagging sense of hesitancy as buyers and sellers wait for the first rate cut in four years. Once that moves clearly onto the horizon, discretionary demand will improve.

“In the meantime, there is downwards pressure on house prices as mortgage rates edge higher, supply rises and a wave of homeowners roll of sub-2% mortgages. We expect UK prices to rise by 3% this year as mortgage rates edge lower and demand strengthens in the second half of the year.”

Alex Mcneil, of Bramleys, said that there had been a slight seasonal upturn in demand, but values “remain resilient”.

Ben Hudson, head of Hudson Moody, concurred: “More optimism in the market as expectation of an interest cut grows but still a very price sensitive market.”

James Watts, of Robert Watts Estate Agents, added: “Sales numbers, buyer activity and new listings remain buoyant and so far 2024 has been very encouraging.

“The fee war between competing agents is getting worse however and with overheads rising this is the main concern for many agents.”

Demand cools and supply rises – new RICS data