According to RICS’ monthly UK Housing Market Survey, the average number of transactions per surveyor fell to 15.3 in June, which is its lowest level since the survey began.

The house price balance improved slightly for the second consecutive month in June with 88% more surveyors reporting a fall rather than a rise in prices, a decrease from May’s 92.2%. New buyer inquiries continued to remain weak although there was a ‘noticeable improvement’ on recent months as only 35% of surveyors reported a fall in June compared to 50% in May. Surveyors continued to report that buyer confidence remains low and that it will not improve as long as negative reports continue to be featured in the press.

Surveyors have yet to report an increase in distressed sales which would cause house prices to fall at a quicker rate. One reason for this is that unemployment remains low which could mean that the current threat of repossessions is not high.