Another agency has reported a significant slowdown in London's housing market.
Haart's figures for May, released this morning, say new property instructions have increased 9.5 per cent in just one month and are now running 7.4 per cent higher than in May 2013.
Meanwhile the number of new buyers registering is down 6.1 per cent on a month ago and 2.6 per cent below this time last year.
And although Haart says prices in London are up a thumping 22.9 per cent in the past year, they nonetheless fell slightly in May - down 0.8 per cent on April.
There has also been a six per cent fall in the average number of viewings per property on sale, currently running at 12.2:1.
Haart CEO Paul Smith says the market is self-correcting, but not rapidly deflating. "At last stock is coming to the market. Sellers are keen to capitalise on recent house price rises" he says.
Comments
We've seen instructions increase significantly over the last few weeks. Buyer levels have begun to drop off slightly and the number of price reductions we're seeing from all agents has begun to increase week-on-week as agents are forced to re-think their optimistic valuations.
The government and BoE are using the press to slow the market by dropping sound-bites for the journalists to gobble up and regurgitate as dramatic headlines. Timed perfectly with a natural peak in the market it's starting to have the desired effect, although I think this will be a small correction rather than a massive swing.
As a 3 office independent in a competitive area the extra stock is a welcome turn, our register has grown by 40% in a month and the buyers, while more cautious, continue to buy.
It's significantly quieter where I am (south east London)
I've not experienced this yet, we still have more people wanting to buy than properties to sell so hopefully this continues. Although, if the figures are anything to go by we will feel the drop soon.
I've not found this as yet - have any other small agents experienced this