Demand in the UK housing market has failed to pick up, while the supply of new property has fallen, says the latest housing market report from the Royal Institution of Chartered Surveyors.
The RICS report found that new buyer enquiries fell slightly, with a balance of 10 per cent more chartered surveyors reporting a fall, lower than the -2 balance reported last month. New seller instruction were depressed for the second consecutive month, with 11 per cent more surveyors reporting a drop.
RICS said that housing market activity had struggled to improve since the stamp duty holiday stopped in March.
UK house prices continued to fall, and future expectations showed little change, with a balance of 19 per cent more surveyors expecting prices to continue to decline, though 11 per cent more expect sales to increase rather than fall.
RICS chief economist Simon Rubinsohn commented: “The housing market didn’t manage to turn a corner last month and activity remained in the doldrums. Fewer vendors looked to test the market and levels of buyer interest seem to have fallen back since the expiry of the stamp duty deadline earlier in the year.
“Although there is some positivity that the amount of sales going through is going to see an increase, it is unlikely that we will see any real movement until purchasing a property is more affordable and accessible for the likes of first time buyers.”