Property market not recovering yet

Homeowners considering whether to move or improve should hold back on believing the housing market is on the road to recovery until they see evidence of sales transpiring, it has been claimed.

Recent figures from the Royal Institute of Chartered Surveyors (Rics) have shown an increase in buyer enquiries during May – the seventh month in a row.

However, Firstrung chief executive officer Paul Holmes has hinted there may be time to invest in a conservatory or glazed extension before the industry recovers.

"I still think there is a considerable correction to take," Mr Holmes said.

"What we are witnessing now is a market that has deflated to the point that it is now flat, and were going to see a very gradual decrease in prices."

According to the Halifax House Price Index for May, the average UK residence price now stands at £158,565, which represents a year-on-year fall of 16.3 per cent.