Purchasers are returning to the market following the Brexit vote according to figures from both the Royal Institute of Chartered Surveyors (RICS) and the Council of Mortgage Lenders (CML).

RICS says this morning that buyer demand has grown for the first time in seven months and that “market confidence continues to improve following post-referendum jitters”.

Its survey of RICS members reveals that last month eight percent more of them reported an increase in buyer enquiries compared to June, when 34% of respondents reported a drop.

“The market does now appear to be settling down following the significant headwinds encountered through the spring and summer,” says Simon Rubinstein, RICS Chief Economics. “Buyers do appear to be returning, albeit relatively slowly, but the big issue that continues to be highlighted by respondents is the lack of fresh stock on the market.”

The CML also published an uptick in activity within the market this week. It revealed that the number of people borrowing money to buy homes increased by 14% month-on-month to £12.2 billion and up 11% year-on-year. First time buyers played a significant role in this activity increase, borrowing £5.5 billion during August, up 24% on the same month last year.

“House purchase activity bounced back from a dip in July, reflecting resilience in first-time buyer activity,” says Paul Smee, Director General of the CML (pictured, left). “Mortgage rates remain at or close to historic lows, and the re-pricing of mortgages following August’s base rate cut should help to underpin a continuing, strong appetite for home-ownership over the coming months.”

Watch Simon Rubinstein’s summary of what’s going on