Then again, the latest Halifax housing index, pointed to a fall in house prices over the last three months – also known as the underlying rate.
It seems that the problem with the UK housing market is that not many people can afford to buy, but not many are selling either.
The index tracking new sales instructions stood at minus 15 – meaning that the number of surveyors reporting a fall was 15 percentage points higher than the number reporting a rise.
But then the index tracking new buyer enquiries stood at minus 4.
What all this means is that demand is incredibly low, but supply is even lower
Samuel Tombs, Chief UK Economist at Pantheon Macroeconomics said: "The support to demand from recent further falls in mortgage rates has been offset fully by the decline in real wages. Surveyors also reported that the impending general election was creating uncertainty that was putting off buyers, albeit less so than before previous elections. . . It remains hard to see how prices will rise materially over the rest of this year, given that inflation still has further to rise and lending rules are preventing average loan-to-income ratios from rising much further.”