April 15 (Bloomberg) -- The slump in U.K. house prices eased last month after more than a year of declines lured buyers back into the market, the Royal Institution of Chartered Surveyors said.
The number of real-estate agents and surveyors saying prices fell exceeded those reporting gains by 73.1 percentage points in March, the lobby group said today in London. That compared with 78.1 in February and was the highest balance in 13 months. The average number of sales per surveyor rose for the first time since 2007, climbing to 9.7 from 9.6.
The report adds to signs the property market’s downward spiral is slowing. The Bank of England has cut its benchmark interest rate to a record low, mortgage approvals increased in February and Nationwide Building Society said prices rose for the first time since October 2007 last month. At the same time, the economy is still battling the worst recession since at least 1980, and prices may fall further in coming months.
