Rics: No market recovery yet
The Royal Chartered Institution of Surveyors (Rics) has commented on the recent figures released by the British Bankers Association (BBA).
With the statistics showing an increase in buyer enquiries, Rics chief economist Simon Rubinsohn explained a small market recovery could be underway.
"BBA figures demonstrate that mortgage approvals have risen for three consecutive months," he said.
However, Mr Rubinsohn suggested a proper revival may be a long way off, as activity levels in the housing market are still close to historic lows.
He pointed out that mortgage finance is still difficult to come by and the economic landscape is making it difficult for first-time buyers to establish a foothold in the property market.
The BBA figures seem to correlate with Rics statistics released earlier this month showing an increase in interest from buyers.
Nevertheless, the expert suggested that more has to be done to stimulate the market.
The figures from the banking organisation show a 48.4 per cent year-on-year drop in gross mortgage lending during February.
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