The property market is in a stalemate, with both buyers and sellers hesitant to make a move, according to a new report.

The Royal Institution of Chartered Surveyors (RICS) monthly survey reveals that the number of house sales has fallen for the third month in a row. This is because there are fewer buyers looking for properties and fewer sellers putting their homes on the market.

RICS members, who are estate agents and surveyors, say the lack of activity is due to buyers waiting for interest rates to fall before taking the plunge.

House Price Falls in Some Regions

The slowdown in the market is also impacting house prices. While prices remain higher than this time last year, they dipped in June in several regions. The South East, South West and East Anglia saw the most significant falls.

One estate agent in Suffolk described the market as “flat” with “lots of people sitting on the fence waiting for the first interest rate cut.”

North Performs Better than South

However, it’s not all doom and gloom. The RICS survey found that house prices in Northern Ireland and Scotland are still rising. This is being driven by strong demand and a shortage of properties for sale.

Future Looking Brighter

Despite the current slump, there is some optimism that the market could pick up in the coming months. RICS members are more positive about future sales and price growth than they were earlier this year.

This is partly due to the outcome of the General Election, which has removed some uncertainty from the market. There is also hope that the Bank of England will soon start to cut interest rates, which would make mortgages cheaper and encourage more buyers to enter the market.

Expert Advice for Buyers and Sellers

So, what does this mean for you if you’re thinking of buying or selling a home?

If you need a mortgage, it’s a good idea to start exploring your options now. Speak to a mortgage broker to see what deals are available.

If you’re thinking of selling, it’s important to be realistic about your asking price. With fewer buyers in the market, you may need to be prepared to accept a lower offer than you were hoping for.