The housing market is slowing down, with new buyer enquiries recording a more modest gain than previously, according to the June 2014 RICS Residential Market Survey.
While momentum pushing house prices remains strong at a national level and growth in demand continues to outpace supply, the overall picture shows more balanced activity this month.
The number of new properties on the market is slightly positive for the first time in six months and the RICS price balance remained broadly unchanged over the month at 53, compared with 56 in May.
The rate of price growth in the London market seems to be easing, with the lowest recorded London price balance reading since March 2013, pushing it below the national average.
The three month price expectations net balance for London is actually now slightly negative, while the South East and Northern Ireland experienced the strongest price gains for the second consecutive month.
Anecdotal evidence suggests that the introduction of the Mortgage Market Review (MMR) is slowing the volume of transactions, while increased speculation over the increase of interest rate rises is resulting in more buyer caution.
