The RICS has noted a rebound in new enquiries, instructions and sales agreed during June.

The first RICS Residential Market Survey since the residential property sector fully reopened to sales for the full month of June suggests a “short-term bounce.”

Its poll of members – conducted before the Stamp Duty holiday was announced – showed the number of newly agreed sales moved into positive territory for the first time since February, with 43% more citing an increase rather than a decrease in completed transactions.

A net balance of 61% of survey respondents saw a rise in new buyer enquiries over the month, in stark contrast to negative readings of -7% and –94% posted in April and May respectively.

The number of new properties being listed for sale also rose over the month, with a net balance of 42% of survey participants noting an increase rather than decrease.

Despite this increase in supply, the average number of properties on agents’ books remained close to all-time lows at 39 on average per branch, the report said.

Respondents were more cautious about the coming months and year ahead though, with 16% of survey participants expecting sales to rise rather than fall, however, on the twelve-month horizon the measure slipped back into negative territory.

Simon Rubinsohn, chief economist for the RICS, said: “Key activity indicators in the RICS survey suggest that the market is enjoying a short-term bounce following ending of the lockdown, with sharp spikes in the metrics tracking both buyer enquiries and new instructions.

“However, there are worrying signs that this rebound may quickly run out of steam against the backdrop of a tightening in lending criteria by mortgage providers, and the uncertain macro environment particularly with regard to the employment picture.

“Respondents to the survey highlight both of these issues in explaining the broadly flat picture regarding sales expectation beyond the immediate uplift.”