ACTIVITY in the East Midlands housing market remained flat during July, with house prices slipping further, according to the latest RICS UK Housing Market survey.
The survey showed 32 per cent more chartered surveyors in the region reported that prices fell rather than rose in July.
This represents a slight dip from June’s net balance of -31 and this reading has now remained in negative territory since May last year.
Large deposits required by lenders appear to be a stumbling block for many would-be buyers.
New instructions, which fell away significantly last month, saw a slight improvement in July but still remained low.
The survey also revealed that 17 per cent more surveyors in the region reported falls rather than rises in new houses coming onto the market. With prices continuing to slip, it appears that many potential vendors are unwilling to accept reduced selling prices, so are reluctant to enter the market.
Commenting, RICS East Midlands spokesperson, David Johnson, of Reading Property Group, said: “The East Midlands housing market continued to stall during July. Prices edged lower and sales levels remained subdued.
“While the holiday season appears to have had some impact on the market, the continual problem of inaccessible mortgage finance is still preventing first-time buyers from accessing the market.”