The flow of properties coming on to estate agents' books has almost ground to a halt, the RICS has said. Reporting for November, it said that while instructions were stagnating.
New buyer inquiries were continuing to grow at almost the strongest pace in the record of the RICS monthly surveys.
The RICS said that stock levels are at historically low levels, while sales levels are rising.
It also said that activity in the rental market had slowed markedly since the earlier than expected launch of Help to Buy. The RICS never mentions actual house prices, but talks in measurements. It said its measurement of house price expectations stood at +59, the highest reading since September 1999.
The body is forecasting house prices to go up by 3% next year and by almost 5% per year for the next five years.
Comments from chartered surveyors which are attached to the RICS report show huge discrepancies between the north and south.
For example, Stephen Holland of Carter Jonas in Cumbria expresses concerns that the southern froth and resultant knee-jerk reaction will stall a market recovery in the north. Another says that buyers in the north lack confidence, and another that there had been only the gentlest of ripples beyond Watford.
Simon Bainbridge of Smiths Gore in Darlington says that press hype is way off the mark for this area, while Ian Briggs, of Dacre, Son & Hartley in Ilkley fears a distinct risk that any northern recovery may be thwarted by measures to damp down a London / south-east boom.
By contrast, a large number of RICS agents further south remark on the lack of property.
* Separately, London agent Peter Rollings, CEO of Marsh & Parsons, has forecast price rises in the capital of 5-7% next year, driven by lack of supply.
He expects most of the growth to take place in the first half of 2014. He puts house price growth this year at 10.3%.
Comments
Too many places