Mark Wiggin, of the Shropshire real estate agents of the same name, said: “The market has definitely turned. Now falls and renegotiations are taking place.”
Trevor Brown, of Trevor Brown Surveyors in Southend-on-Sea, Essex, added: “The phone has stopped ringing. The market has stalled and we anticipate price corrections.”
Nationally, agents have not yet predicted the fall in house prices, despite falling demand. This is because supply is still low, and the number of new instructions remains stable in June. The average number of tokens per agent was still at a record low.
The East of England recorded the sharpest drop in buyer inquiries, followed by Yorkshire and Humber and West Midlands.
Demand only increased in three regions: London, Northern Ireland and the North East. However, in each, this was accompanied by increases in supply, suggesting that housing price growth will moderate.