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With sellers of £1m-plus homes in London finding it toughest to find buyers in January, according to a survey of estate agents.
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Across the UK as whole, the number of sales, new buyers, and properties coming onto the market all fell in January, the Royal Institution of Chartered Surveyors said.
New buyer inquiries fell for a 10th successive month and the number of properties coming on to estate agents’ books slipped back to the record-low levels seen around the middle of 2017, signalling there will be no imminent pick-up in activity.
“The latest Rics results point to housing transactions remaining pretty subdued over the coming months despite some more positive comments from contributors to the survey,” said Simon Rubinsohn, chief economist at the Rics. “Lack of inventory on agents’ books continues to provide a major challenge with the number of valuations being undertaken not suggestive of a pick-up in new supply anytime soon.”