According to the latest housing market survey from the Royal Institution of Chartered Surveyors (RICS), House prices rose for the 21st consecutive month in July, but the rate of growth remained wedged well below the surveys long run average of 21.6 per cent for the second consecutive month.
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In England, the London juggernaut continued to outperform all other regions with the strongest price rises. Elsewhere, Northern Ireland maintained its impressive run, but price growth in the Scottish market almost halved.
RICS spokesman, Jeremy Leaf, said: The combination of softening demand and supply is causing market conditions to weaken further. Buyer activity has pulled back a little over fears that we may have seen the top of the market.
With interest rates perched at 5.75 per cent and a jump to 6 per cent a strong possibility, aspiring first-time-buyers are continuing to rent until the market trend becomes clearer.
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The ratio of completed sales to the stock of available property on the market fell for the fourth consecutive month but remained inline with the surveys long run average of 37 percent. Completed property sales for the quarter to July fell to 23.5 per surveyor, down from 24.4 in June.
Surveyor confidence in sales turned negative for the first time since March 2003 as buyers responded to market conditions and a possible sixth interest rate rise.
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