(Press Association) House sale levels are flat or falling across large swathes of the UK as the market slows, surveyors have reported.
Homes taking longer to sell, a declining interest from buyers as the flow of freshly marketed properties deteriorates, and the asking prices of top-end homes coming under pressure were all factors highlighted by the latest housing market survey from the Royal Institution of Chartered Surveyors (Rics).
It suggested the recent Bank of England base rate hike from 0.25% to 0.5% may also be having an impact on activity.
With many regions showing a subdued trend in newly agreed sales in October, momentum in the market is likely to remain subdued in the near-term, according to Rics.
A net balance of 20% more surveyors reported sales falling rather than increasing in October.
Wales, Scotland and the north east of England bucked the downward trend, seeing a pick-up in sales.
Interest from buyers also continued to decline, with 20% more respondents seeing a fall in new buyer inquiries over the month.
Rics said its survey also points to a deterioration in the fresh flow of properties coming on to the market.
In further evidence of a slower market, Rics said it is now taking longer to complete a sale, at 18-and-a-half weeks on average, up from just over 16-and-a-half weeks in February 2017 when the survey first started measuring this.
Looking at house prices, the survey showed a balance of 1% more surveyors reporting a price rise nationally rather than a fall – which Rics said indicates a flat price trend generally across the UK.