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Residential property stock hit a record low...

View profile for Bakshi Dhanda
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According to the RICS the UK housing market continues to lack impetus, with some surveyors reducing their expectations for housing market performance this year.

New property coming to the market fell noticeably with some agents reporting a 13% fall in new listings rather than a rise over the month.

In another report the RICS said many agents saw a fall in agreed sales rather than a rise. However, sales did rise in Wales, Scotland and Northern Ireland.

The lack of supply in the market continues to underpin price rises, which the RICS says were prevalent other than in central London.

Whilst in the lettings market, tenant demand continues to rise. However, the RICS said new landlord instructions remained in negative territory for a sixth straight month and that the imbalance between supply and demand continues to drive rents upwards.

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