The London housing market continues to lack drive with agreed sales dipping and house prices expected to fall over the coming three months, according to surveyors. The latest house price index from Rics showed the number of properties coming on to the market was subdued.

The organisation’s latest survey of its members found at some positive notes with reports of an increase in buyer interest in March and the majority of respondents reporting a rise in the number of new instructions to sell.

However, the amount of stock on estate agencies’ books remained static with firms holding an average of 29 unsold homes.

While transaction volumes declined and prices have deteriorated, surveyors remain broadly positive with most predicting it would cost more to buy a property in 12 months’ time than it did in March.

The number of properties on estate agencies' books is static at an average of 29 month-on-month

Rics chief economist Simon Rubinsohn said: “The latest results show little change in the underlying picture surrounding sales.

“High-end sale properties in central London remain under pressure, while the wider residential market continues to be underpinned by a lack of stock.

“For the time being it is hard to see any major impetus for change in the market, something also being reflected in the flat trend in transaction levels.”

Savills’ Simon Aldous MRICS said: “The rate of price falls across prime central London has slowed, transaction levels in our central offices are up.

“Price falls have stabilised in our outer London offices, but there still significant downward pressure at above £2million.”

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