UK housing market stutters in June

The UK property market has seen a degree of stalling after a number of difficult months continued their grip in June of this year, with the demand for properties for sale, and a lower than average degree of new housing provided showing that there has been a fall in supply, leaving the market as a whole feeling less than buoyant.

According to the latest figures which have been released by the Royal Institute of Chartered Surveyors (Rics), there has been a drop in the number of people looking to buy homes in the UK throughout June. It said that there was a net balance of ten per cent more chartered surveyors across the country saying that the number of new buying enquiries had dropped than those saying it had risen.

The company said that this downfall can still be blamed on the fact that government chose not to extend the stamp duty holiday past its initial two-year deadline on March 24th of this year. With many people racing to beat the one per cent that would be levied onto the cost of their house before the deadline, meaning a drop after it had passed.

It was also the case during June that prices across the UK were falling once again. The Rics report said that 22 per cent more agents were reporting a reduction in the price of housing compared to those who said it was increasing.

Simon Rubinsohn, Rics chief economist, said: "Fewer vendors looked to test the market and levels of buyer interest seem to have fallen back since the expiry of the stamp duty deadline earlier in the year. 

"Although there is some positivity that the amount of sales going through is going to see an increase, it is unlikely that we will see any real movement until purchasing a property is more affordable and accessible for the likes of first time buyers."

Earlier this week, it was also said that new towns are now becoming far more affordable to buy in than other places across the UK.