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Bloomberg reports that the RICS said its monthly gauge of house prices, which is based on the reports of surveyors across the country, showed that new buyer inquiries jumped in March and the most since September last year.

The housing boom in England had been slowly fading as the original date of the stamp duty holiday approached, before the extension was revealed last month, along with a new mortgage guarantee scheme for first-time buyers who cannot afford large deposits.

Simon Rubinsohn, RICS’ chief economist, said: “The results from the latest RICS survey show that the decision of the Chancellor to extend the stamp duty break and then taper its expiry has had an immediate impact on the housing market with all the key activity indicators rebounding in March.”

He added that an increasing imbalance between supply and demand had also raised the pressure on house prices, with 60 per cent of survey respondents expecting prices to rise over the next 12 months.

RICS also said there were signs that tenant demand in the rental market was building a ‘head of steam’ and surveyors expected rents to rise over the coming year across the country, apart from in London.

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Alexander Jacob - Letting and Estate Agents in Retford