Supply to housing market declines

The supply of properties into the housing market continued to drop last month, according to a widely-regarded survey released this morning. A net balance of 15 per cent of surveyors reported weaker demand in July, the Royal Institution of Chartered Surveyors found. And five per cent more chartered surveyors reported falls rather than rises in demand last month. A separate report from the Council of Mortgage Lenders said yesterday that the number of new mortgages was down 0.8 per cent in June compared to a year earlier.