Demand for property on the rise, says Rics

Prospective homebuyers are returning to the market in the UK, according to new figures.

The Royal Institution of Chartered Surveyors (Rics) revealed that the number of new enquiries increased again in March - the fifth consecutive monthly rise.

However, the organisation said the limited access to mortgage finance means this may not necessarily translate into sales.

Ian Perry, spokesperson for Rics, commented: "Buyer interest is starting to gain remain momentum but will remain frustrated while mortgage finance is scarce."

Despite the "fragile" state of the market, he stated that rising demand could lead to it becoming more stable in the coming months.

This could in turn lead to a boost in the amount of equity release lending, as this has been hit by recent falls in house prices.

According to Key Retirement Solutions, there has been a "dramatic decrease" in the equity release market in the last year.

Figures from the organisation show that lending in the sector has dropped by nearly a quarter during this period.

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