Estate agents have been conducting fewer appraisals than a year ago, the RICS said this morning while the Land Registry has reported low volumes of house sales.

The RICS said that in May, more homes started to come on the market. However, it also reported declining buyer demand and flat sales.

The RICS said that although stock levels rose, the average number of properties per branch was 42.5 – which the RICS said was “still close to an all time low”.

It added: “When contributors were asked to compare appraisals that were undertaken in May with the same period last year, 18% more stated they were lower on a like for like basis.

“This does not appear to bode particularly well for the pipeline going forward.”

Separately, Land Registry transaction figures show property sales at an eight-year low.

The latest figures are for February, and while historic – relating to deals agreed months earlier –  were released yesterday, showing sales across the UK down annually 16.8% to 64,144.  This is the lowest level of sales in any month since January 2013 when 51,419 transactions were recorded.

In England, sales stood at 51,340, down from 60,662 in February last year. In the south east, sales were down almost 20%, and in London there was the biggest annual decline, with transactions at 5,411, down from 7,108 in February 2017.

The Land Registry reported a more up to date average UK house price of £226,906, for April.

In its report this morning, the RICS said that regionally, the housing market is “incredibly mixed”.

House prices rose in six out of 12 regions, while sales increased in the midlands, Scotland and Northern Ireland, but were either flat or negative elsewhere.

London shows the most negative trends in terms of prices, with downwards movement also across the wider south-east. House prices were also down in the south-west.

The RICS also reported on lettings, saying there was flat tenant demand and that landlord instructions remained in decline. It forecast that given the lack of rental supply, rents would rise over the year.

Simon Rubinsohn, RICS chief economist, said: “Although agents are suggesting that a little more supply may have come on to the market in May, some of it from the buy-to-let sector, inventory levels still remain near historic lows.

“Indeed, with the run rate on appraisals continuing to track below the numbers of a year ago, it is premature to conclude that a sustained upturn in available stock is imminent.

“Against this backdrop, it is likely that the headline picture regarding activity in the housing market will remain subdued for some months to come.”

This morning’s survey covered 605 estate agency branches, with 307 responses in total.

The surveyors’ own comments attached to the survey show just what a mixed bag the market is, even at local levels: for example, in the west midlands, one Birmingham agent reported very high demand and multiple offers, many above the asking price for good offers. But in Solihull, another reported a tough market, with fees getting lower and poor stock levels.

In the east midlands, one agent in Northampton commented that there were signs that London’s price correction could affect other areas; in contrast, an agent in Market Harborough enthused over “buoyant market conditions” with “sales looking promising in all price brackets”.

Below, how transactions have dipped in England and in London, according to the Land Registry