The property market continues to simmer rather than boil as the economic and political storm clouds gather, the latest RICS housing market analysis reveals.

Its survey, which quizzed member agents on their property sales during April, shows that would-be buyers are still on the hunt for a new home, whilst stock levels and new listings remain scarce, while many agents are bracing themselves for the market to quieten down later this year.

A net balance of 10% of estate agents reported increasing enquiries from buyers but the number of new properties being listed for sale saw a net balance of minus 1% saying supply was falling rather than rising.

EXTREMELY LOW

Respondents reported an average of just 38 properties for sale per branch, which RICS says is ‘extremely low’.

Also, agreed sales were flat having risen in each past two months, returning a net balance of -2% during April.

All of this is having a predictable upward pressure on house prices – 80% of respondents reported rising prices, up from 74% during March.