A sub-index tracking new buyer enquiries, an indicator of future demand, fell to zero. A sub-index tracking new instructions, an indicator of future supply, fell to minus 14.

In short, demand is now growing, but supply is contracting.

Hansen Lu, Property Economist at Capital Economics, said: "Today’s RICS survey points to a subdued housing market. And while low stock levels will keep buyers competing, slowing wage growth means that price rises will need to be driven by higher borrowing. But with mortgage regulation already bearing down on loan-to-incomes, many buyers are already very stretched, suggesting there is little room for prices to rise further."

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