The supply of property on the UK residential sector increased during April as sellers returned to the test the Spring housing market, according to the latest survey from the Royal Institution of Chartered Surveyors published recently.

The RICS April 2011 UK Housing Market survey shows that 18% more chartered surveyors reported a rise rather than fall in new instructions, up from 4% more in March. Spring is traditionally a busier time of year, but respondents suggest that a stabilisation in property prices has also tempted many back.

Demand also showed signs of steadying, with new buyer enquiries moving to a net balance of zero per cent and taking the series out of negative territory for the first time in ten months. During April, respondents noted that the good weather led to increased numbers of viewings from potential buyers in some parts of the UK.

Despite this, surveyors continue to report that a lack of mortgage finance is hindering many, with only the cash-rich able to really take advantage of the market.

Significantly, average sales per surveyor over the past three months rose to 15.2, the best level since December. Alongside this, newly agreed sales also edged up in April, as 8% more surveyors reported increases not falls in agreed sales, taking the series to its best level for a year.

The most expensive streets in Britain can be found in South West London where the average price of a property is over five million pounds, according to research published today (Monday January 03).

Parkside in Merton, just a short walk from Wimbledon’s All England Tennis Club, is named the most expensive residential street with an average price of £5,058,000, a report from Lloyds TSB shows.

More than half of the 20 most expensive streets in England and Wales are in the Royal Borough of Kensington and Chelsea. Wycombe Square, the most expensive street in last year’s survey, is the second most expensive street in the country with average price of £4,415,000.

The remainder of the top five are also all in Kensington and Chelsea. Blenheim Crescent has average price of £4,346,000, Mallord Street £4,091,000 and Drayton Gardens £4,011,000. Woodlands Road West in Virginia Water and Burkes Road in Beaconsfield) are the only streets outside the capital to make it to this year’s top 20.

The research shows that there are an estimated 228 streets in England and Wales with an average house price above £1 million and 36 of these have an average price of more than £2 million.

For the first time since July last year, more surveyors report that they have seen prices fall in the last three months, than those who have seen prices rise – although the majority say that they haven’t seen any movements in prices.

The Royal Institution of Chartered Surveyors (RICS) say that the fall is due to more people putting their property on the market, while there are fewer inquiries due to people finding it difficult to obtain mortgages, and some people being put off by a fear of unemployment.

RICS spokesman Ian Perry said “Significantly, the forward-looking price expectations numbers suggest that this softer trend will continue through the second half of the year.

The Department for Communities and Local Government’s house price index also reflects the fall in property prices. It shows the annual rate of increase fall to 9.9% in June, from 10.6% in May.

What do people feel about this? Are you glad that the property you have your eyes on, isn’t getting more expensive? Or are you more concerned about the value of your own property? Leave a comment to share your views.