The momentum in the UK housing market continues to slow, as buyer demand falls for the twelfth consecutive month, according to the March 2018 RICS UK Residential Market Survey.

Continuing the prevalent trend seen for one year now, interest from would be buyers continued to wane with 17% more respondents seeing a fall rather than rise over the month in a trend dating back to March 2017. This subdued trend is also seen in other key indicators as both new instructions and newly agreed sales remain in negative territory. 

One of the main factors impeding demand alongside the ongoing concerns over affordability is the lack of fresh stock coming onto the market. In March, the flow of properties slowed once again, marking the seventh consecutive month respondents reported a fall in the number of houses being put up for sale. As such, average stock levels on estate agents’ books remains near an all-time low.

Sales also continued to fall in March, with 20% more respondents reporting a fall rather than rise, extending the run of negative readings stretching back to February 2017. Looking at the regional picture, respondents in virtually all parts of the UK noted either a flat or downward sales trend this month. The year ahead does look more positive however, with 17% of contributors anticipating an increase in sales over the next year at the national level.