Current lockdown restrictions saw sellers holding off putting their homes up for sale, according to the February 2021 RICS UK Residential Market Survey. However, sales activity is expected to rise in the coming three months, helped by an easing of lockdown restrictions.

For the second month in a row, the number of new buyer enquiries fell in February, with the net balance coming in at -9%, (up from -29% in January). The number of properties being listed for sale also fell for the second consecutive month, with respondents anecdotally citing the current lockdown restrictions and waiting on clarity about the stamp duty holiday extension for the reasons behind the fall in appetite.

Simon Rubinsohn, RICS chief economist, said: “The measures announced by the Chancellor should help support the housing market over the coming months with concerns around a cliff edge end to the stamp duty break eased. However, a very clear message emanating from the latest survey is that more needs to be done to address the shortfall in supply with price and rent expectations very evidently continuing to accelerate.”