THE LATEST results of a Residential Market Survey continue to point to a relatively subdued picture for activity across the sector.

According to March 2017 RICS UK survey, both new buyer enquiries and agreed sales were little changed, while the flow of properties coming to market remained in decline.

Respondents expect only a modest improvement as the year wears on, with twelve month sales projections being trimmed in the latest report.

The headline price growth indicator registered a balance of +22% and has now remained between +22% and +24% for four consecutive months.

Meanwhile, expectations at the national level point to prices increasing further over the coming twelve months.

Notwithstanding this, the slightly softer reading in March (net balance eased from +63% to +54%) is consistent with respondents anticipating a slightly slower rate of house price inflation than envisaged at the time of the last report.

On a UK-wide basis, new buyer enquiries were flat for

a third successive month.

When broken down, demand remains mixed across different parts of the UK, although the number of areas in which enquiries are reportedly declining continues to outweigh those with a positive trend.

Going forward, the national near term sales outlook appears somewhat subdued, with the three month expectations series moderating a touch from +16% to +12%.

In the lettings market, tenant demand continued to rise as 11% more respondents noted an increase on a non-seasonally adjusted basis.

Even so, demand growth remains more modest when compared to the

same period a year ago.

The imbalance between supply and demand continues to exert

upward pressure on rents, and contributors anticipate further rental growth in virtually all areas over the next twelve months.

Andrew Holmes, partner and head of residential at Thomson Hayton Winkley estate agents in Kendal, said: "Another very encouraging month as we head into spring. Very good levels of quality instructions have seen keen buyers acting quickly to

secure sales. Again the high standard and presentation of

property is key as is pricing."

"The market is showing positive signs and as we enter one of the busiest periods of the year vendors are taking advantage of the increased activity."