The UK housing market is being described by many as subdued, but stable.  The data still reveals a sizeable discrepancy between the average lending and mortgage approval numbers of today compared with those of 2007.  Many families are not only struggling to keep up with the monthly mortgage payment, but finding the task of putting food on the table a challenge.  The estate agents are feeling the pain, as the Royal Institution of Chartered Surveyors recently released figures showing fourteen properties were sold per agent last month.

Other data released by RICS revealed sales of British homes fell to a two year low in August.  Similar figures have not been posted since August of 2009.  A recent RICS survey asked the agents why activity is currently so low.  Almost three–fourths of them feel the lack of mortgage financing and negative equity several homes are now facing, are the reasons for the slow-down.

RICS sees a more positive side to the problems which plague the current UK housing market.  They believe that the demand for property, although weak, is stable now for the first time in many months.  New buyer inquiries are a determining factor in the health of a housing market.  The number of new inquiries fell by only 3% during the month of August.

Alan Collett of RICS commented on the contrast of consumer confidence and steady housing figures, saying: “For the time being, our indicators suggest that demand for homes remain broadly steady, albeit at relatively low levels, despite the renewed bout of economic gloom.”