The total number of housing transactions in the UK fell once again, to a new low, during the month of July, according to the latest survey from the Royal Institute of Chartered Surveyors (RICS).

The report, which is based on the number of property surveys in respect of mortgage loan valuations carried out by the society’s individual members, showed that fewer surveys were carried out during July than at any other time in the past thirty years, since the institute started to keep records on such matters in 1978.

The main reason given for the slow down in activity in the property market was due to a lack of available funding from banks and building societies in the form of mortgages and other secured loans, coupled with a general lack of confidence in the housing market from potential buyers.

The report also revealed that almost 84 per cent of RICS’ surveyors said that average house prices had fallen once again, against last month, but the rate of the decrease was now slowing down.

On a more positive note, there was an increased level of interest from new buyers looking for a new homeowner loan, rather than re-mortgage cases, along with a higher number of people putting their home back on the market at a reasonable price, rather than trying to demand unrealistic asking prices for their properties in the current economic conditions.

A spokesman for RICS said “The lack of mortgage finance has brought the housing market to a virtual standstill with first time buyers rapidly becoming an endangered species. Going forward, there are signs that sales activity might pick up a little as sellers start to re-evaluate unrealistic asking prices. However, the current confused messages from the Government regarding stamp duty risks damaging any returning confidence and may discourage mobility.”