The demand for housing in the UK slumped to an eight-month low in June, a new survey from the Royal Institute of Charted Surveyors (RICS) found.
Last month, enquires from buyers slipped to a net balance of -45%, down from -20% in May, making it the worst month since October 2022 when figures slipped to -51%.
Newly agreed sales also dropped month-on-month, with the net balance dropping from -8% in May to -34% in June.
Housing prices fell monthly from a net balance of -30% in May to -46% in June, the survey revealed.
Simon Rubinsohn, RICS’s chief economist, said: “Inevitably in this environment, activity levels are likely to remain relatively subdued.
“However, an important message coming back from RICS agents is around ensuring prices are set with an eye on the market conditions of today, rather than the recent past; when this is done, sales are taking place.”
However, he pointed out that house prices have dropped “modestly” from recent highs and remain “well above” the levels seen before the pandemic.
On Wednesday, housebuilder Barratt Developments PLC (LSE:BDEV) also confirmed conditions in the housing market were easing and said it expects house completions to drop by 20% in the coming year.