The housing market suffered from a third consecutive fall in the number of new properties coming onto the market, according to the latest Residential Market survey published on 8 July by the Royal Institution of Chartered Surveyors (RICS).

Surveyors across the UK reported a decrease in new property listings, with the net balance standing at -34% in June, which is a further deterioration from -24% returned in May.

The rate of new enquiries from budding house buyers appears to be moderating – with the net balance of respondents seeing an increase in June easing to +14%, down from +43% back in April. This is happening across all regions of the UK, coinciding with the Stamp Duty holiday beginning to taper off.

With demand increasing and supply continuing to falter, it’s no surprise this has had an upward effect on house prices, with a net balance of +83% of respondents reporting an increase. All parts of the UK continued to report robust increases in house prices, particularly in Yorkshire & the Humber, Northern Ireland and Wales.

Looking ahead, a net balance of +56% respondents anticipated that prices will continue to increase over the next twelve months at the national level.