The volume of new properties coming to the market remained negative for the 14th month in a row across the UK in April, according to the Royal Institution of Chartered Surveyors (Rics).
Newly agreed sales dropped slightly last month while enquiries from new buyers remained flat, the surveyors’ residential analysis from April found.
In total 15 per cent more respondents saw the number of new properties coming to the market drop in April while a net balance of four per cent of respondents saw a fall in new buyer enquiries.
Overall nine per cent more respondents saw a drop in sales over the month (from minus three per cent), which is the weakest reading since the aftermath of the referendum.
However, Rics found 22 per cent more respondents saw prices rising in April. This was “underpinned by the lack of stock”, the surveyors’ analysis showed.
In central London the indicator on prices has been in negative territory for 13 months.
Simon Rubinsohn, Rics’ chief economist, pointed out: “Although the picture clearly does vary across the country, the bulk of the feedback we are receiving points to a fairly flat summer for both activity and prices.
“Lack of stock on the market remains a key challenge for the sector with recent and forthcoming tax changes having a material impact on transaction levels, particularly at higher price points.”
Rubinsohn added that uncertainty in the run up to next month’s general election is also to be blamed for the momentum ebbing in the UK housing market.