A lot of noise is emanating from the housing market at the moment with insiders detecting the first signs of those much-vaunted "green shoots of recovery".

The latest Royal Institution of Chartered Surveyors survey suggests that the number of potential buyers finding their way into estate agents’ offices is up and it has been reported by the Council of Mortgage lenders that mortgage approvals went up by 4% from January to February.

In addition to this good news, Strutt & Parker’s London offices have been reporting a growing number of enquiries during the first quarter of '09 and prices are beginning to stabilise and even increase from the lows of last autumn. This can only be a positive sign, as generally what starts in the capital tends to the wash throughout the country. So we ask the question, is the worst over?

Michael Fiddes, Head of Agency at Strutt & Parker, comments, "Traditionally the spring is a strong season for sales but we are not seeing the same patterns this year, largely due to a combination of lack of stock and the shaky levels of consumer confidence". Fiddes continues, "There is still a way to go before we are out of the woods, however across the board viewings are definitely up which is a good start."

The available research suggests that house prices are now coming in line with what are historical norms and that property is once again becoming more affordable to many. Lower interest rates and falling house prices means that buying property now is becoming a far more attractive proposition than it was, both for first-time buyers and those less affected by the recession and who have substantial equity in their existing homes. There is also a lot of pent-up demand for quality family homes from people who sold up and moved into rented accommodation at the height of the market; these people are now beginning to take the plunge and get back in before the market begins to rise again.

This is, no doubt, a contributing factor in what was another successful Strutt & Parker Open House Day on Saturday 16 May. Some properties taking part received as many as 14 viewings on a single day, many of which had received very little interest for a number of months.

Deals are now being done across all regions, with some offices seeing a sudden burst of activity, Strutt & Parker Odiham, for example, completed six sales last week alone. Fiddes comments, "We are doing more deals, they may be taking more time in terms of time taken to complete the transaction and it is clear that houses with the most viewings and offers are those where sellers have been more realistic on their pricing".