New instructions fall for third consecutive month as sales to stock ratio hits record high

The RICS June survey, gauging the mood of agents, points to an increasing scarcity of stock in the market.
The measure tracking new instructions to the market has moved deeper into negative territory, the third consecutive month of a fall.
With demand and sales volumes remaining high, the sales to stock ratio stands at 59.1%, a record high, compared to a long-term average (2015–2019) of 36.2%.
With regards to the outlook for house prices, a net balance of +56 of agents anticipate prices will increase further over the next 12 months. Source: Dataloft, Royal Institute of Chartered Surveyors.