New study shows
The housing market is stagnating with stock levels dropping to a new low, according to the Royal Institution of Chartered Surveyors (Rics).
The number of people interested in buying a property and the number of sales was “stagnant” in March, it said.
Simon Rubinsohn, Rics chief economist, said: “The latest results for the Rics survey show little change in the underlying picture surrounding both sales and markets. High end sale properties in central London remain under pressure, while the wider residential market continues to be underpinned by a lack of stock.
“This includes rents, with rents away from the capital generally moving higher as demand outstrips supply.”
The news comes as the Office for National Statistics said house prices were up at 5.8 per cent in the year to February, a small rise on the previous month.