The high numbers of sellers coming to market is at odds with the falling levels of buyers, although half the surveyors polled still said prices had held up in the last three months.

The Royal Institution of Chartered Surveyors (RICS) report showed average sales per surveyor remained constant at 16.7 over the month, while the average number of properties on surveyors’ books recorded a 1.9% rise on the month to 69.1.

Looking forward, RICS said the price expectations net balance continued to deteriorate, slipping from -38 to -41, where the net balance for newly agreed sales stabilised. Sales expectations in September were still positive although have slipped a little from August.

Scotland continues to buck the trend as the only region with more surveyors reporting rising rather than falling prices. Within England, the East Midlands recorded the lowest price net balance, falling from -54 to -61. In Northern Ireland, prices
continue to fall sharply.

Surveyor, Bronagh Boyd, Digney Boyd, from Newry, Co. Down in Northern Ireland, said: “The continuing lack of financing from the banks is having a continued and increased detrimental effect on the housing market. Given a base rate of 0.5% the banks are charging extortionate rates for restructuring finances and creating such negativity, people willing to invest are still nervous.”
In Norfolk, Andrew Wagstaff from Bedfords in Burnham Market, said: “The market is very volatile – busy one week – quiet the next. Buyers appear cautious while awaiting the Government’s announcement of their austerity measures.”
“The real problem in the market is first time buyer’s inability to obtain mortgages thus putting a brake on their ambitions to own property. Relaxation of the deposit requirements would assist in this matter, said Stuart Allan from Broadley & Coulson, in Co Durham.

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