The fact that there are so few new properties coming on to the market, combined with a tougher mortgage environment, sums up the housing market, the RICS reported this morning.

The national inventory declined for the fifth consecutive month in May with the RICS saying that the lack of supply continues to be “widespread”.

In London, new buyer demand fell for the first time in 18 months, although elsewhere, buyer interest stayed firm last month.

Many of the RICS agents spoke about the sheer length of time it is taking to get sales to exchange.

Simon Rubinsohn, RICS chief economist, said: “What we are really seeing is some of the very strong upward momentum starting to come off the housing market as a lack of supply, higher prices, more prudent lending measures and some of the talk from the Bank of England are creating a level of caution among sellers and buyers.

“In particular, we’re seeing the London market level off.”

Comments from estate agents contributing to the report show how localised the market is.

Ben Hudson, of Hudson Moody, York, said it had been the first “decent spring market in seven years and the media and politicians are already talking about a boom! They should try living in Yorkshire and come north of Watford a little more often for a reality check. Give the recovery a chance.”

Chris Charlton of Savills, Nottingham, said: “Talk of a house price bubble is not relevant in our region.”

John Frost, of the Frost Partnership in Amersham, Bucks, said: “Mortgage Market Review is slowing sales even further. Solicitors being understaffed is also adding unnecessary time to transaction.”

In London, Benson Beard, of Bective Leslie Marsh in Chelsea, said: “Market strangely subdued. Vendors are over-pricing and buyers are wary of over-paying.”