The April 2011 RICS Housing Market Survey shows a broad based improvement in market conditions over the month, but the picture overall remains very subdued.

The price balance improved to its highest level since July 2010, but it still remains negative i.e. more respondents are seeing price falls rather than rises. However, the detail of the survey shows that of those respondents seeing price falls, the vast proportion (82%) are reporting declines within the 0%-2% margin.

On the activity front, new buyer enquiries stabilised in April (having fallen consistently since June 2010) while newly agreed sales showed a modest pickup. New vendor instructions increased robustly, which surveyors attribute to the unusually good weather during April rather than something more ominous.

The improving activity climate was also reflected in the average number of complete sales and stocks (per branch). The former increased by 6.1% on the month to 15.2; the highest since last December but still well below the long run average of 26.5. Meanwhile, average stocks increased by 1.5% on the month to 66, but this is still well below the long run average of 83.5.

The key message from the confidence indicators remains unchanged in April; sales expectations are positive, while price expectations are negative.

However, price expectations are significantly less negative than at the start of the year. Finally, there remains a distinct regional price pattern, with London bucking the national trend. Indeed, London is the only region of England where more surveyors are seeing rising rather than falling prices. In Wales, Northern Ireland and Scotland, the price balance remains negative.