The housing market is now trying to keep its head above water as the usual fall, "back to school" surge has yet to happen. During one of the most critical times of the year, agents within the market are seeing less action and more down time. Early September has traditionally been a time when residents of the UK look for housing needs - whether it is for college students or as a distraction between major holidays.

There are a few other factors that could be a part of the post summer lull, including: new lending criteria putting a halt to applicants before even getting started, first time buyers not being able to scratch together a down payment, or shortage of supply of home types people are looking for.

Ed Meade, commercial director of estate agency Douglas and Gordon, commented on the types of properties that are currently moving, saying: "There is fast becoming nothing decent [for estate agents] to sell or rent. To have both disappear is very unusual.

"We would expect to see more to sell as prices had their bounce, but there is little then to buy. It is obvious that renting is looking more attractive as many still cannot get mortgages despite bank protestations and would rather wait to see if prices fall a bit."

Overall activity in August, by tradition a quiet month, fell according to the National Association of Estate Agents. This was evident in the numbers reported - the number of registered house hunters decreased from 292 to 250 in August for each branch. Also, the number of verbal agreements went from eight to seven in August.