Lowest stock of homes for 40 years
According to property surveyors, the UK housing market is in a state of lethargy, and estate agents have reported the lowest stock of properties for nearly 40 years.
The market might continue "flatlining" for a while according to Members of the Royal Institution of Chartered Surveyors (RICS).
New instructions in June fell for the 16th month in a row with most surveyors also seeing further falls in the number of properties being sold. The average number of homes on the books of estate agents fell to 42.5 - the lowest number since the survey started in January 1978.
44% of surveyors gave "Political uncertainty" as the main reason for the pessimism which is nearly double the amount who blamed Brexit.
According to Simon Rubinsohn, RICS' chief economist, uncertainty seemed to be "exerting itself on transaction levels, which are flat-lining, and may continue to do so for a while, particularly given the ongoing challenge presented by the low level of stock on the market".