Latest data from property platform Home suggests that instruction numbers across the UK as a whole are down four per cent on this time last year - and in London the figure is a huge 19 per cent below.
The Home platform and its monthly asking price index analyse around 500,000 listings: they show static prices or small falls in London, the South East and the East of England regions.
However there have been price lifts over the past month in Wales, Scotland and most other English regions. Looked at annually Wales has the strongest market with yearly growth of 5.8 per cent followed by the West Midlands with 4.9%.
The North West and Yorkshire have also seen growth in their average asking prices, both by 3.4%, over the last twelve months but momentum is waning steadily in both these regions says Home.
In many locations homes now take much longer to sell than a year ago - around 14 per cent in the Midlands and a huge 38 and 46 per cent in the South East and East of England respectively.
Typical Time on Market for England and Wales is currently 111 days which is 12 days longer than in March 2018.
Despite some worrying elements to Home’s latest monthly report, director Doug Shepherd is relatively upbeat in his summary of the market.
“In particular, interest rates are low and look set to remain so and the necessary price corrections are taking place without too much bloodshed. The current outlook for interest rates remains benign. In fact, the Bank of England is touting a base rate cut if the No Deal Brexit scenario should play out” he says.
“The inevitable price correction in London has occurred in a relatively calm and orderly manner. Nothing resembling a crash has occurred, just a slow and fairly gentle deflation of the bubble.”