UK house sales stagnating, latest survey finds

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UK house sales were flat in March, according to research from the Royal Institute of Chartered Surveyors.

Each estate agent has just 43 properties for sale, the lowest since Rics began collating records in 1994.

Around 13 per cent of surveyors saw falls in new property transactions.

Rics says the number of properties coming to market “remained in decline”, with those surveyed expecting only a “modest improvement” in 2017.

But the trade association says prices are accelerating in some parts of the UK due to a shortage of housing.

Most RICS members think average UK house prices will rise over the next 12 months, but by a smaller margin than in February.

Earlier this week HM Land Registry said the average UK house price in February rose 5.8 per cent year-on-year and 0.6 per cent month-on-month.

However this still remains below the average annual house price growth seen in 2016 which was 7.3 per cent.

The average property in February cost £217,502.