Overall unsold housing stock has increased by 10 per cent, pushing the average number of properties per surveyor up to 85 - only one short of the 86 recorded in February 1999.
This is having a knock on effect on house prices, with over half of surveyors reporting a fall for the sixth successive month. Scotland is now the only part of the UK where prices are continuing to rise, albeit more modestly.
New buyer enquiries are also tailing off, as subdued demand pushes would-be homeowners out of the market.
“Agents are finding it difficult to market properties to an audience which has decided to watch the current economic theatre from the wings," said RICS spokesman, Jeremy Leaf. "However, if mortgage lenders filter the recent interest rate cuts into the market, demand should begin to increase.
"In the near term, the housing market will continue to be shielded from significant price falls while employment conditions are strong. The market need only fear a significant fall in prices if job loses start to multiply.”
