House prices have ‘plateaued’ and the market is contrast to the sealed bids and gazumping of two years ago, estate agents have revealed.

Responding to the state of the current property market in the latest RICS survey, estate agents across the country gave their account of what is happening on the ground.

Neil Foster, of Walhouse Surveyors & Valuers, in Hexham, Northumberland, said: “Prices across all residential categories have, at best, plateaued since the autumn and price negotiation is creeping back into the market where two years ago sealed bids and gazumping were commonplace.

“Uncertainty over events in the Gulf are likely to further stall the market for the foreseeable,” he added.

Housing market concerns

Meanwhile, Alex McNeil of Bramleys in Huddersfield, described the housing market as in a state of “current malaise”.

He explained: “There is a sense that the market is being held back by weak job security despite low interest rates.”

At the same time, Bruce Collinson of Adair Paxton in Leeds, went on to explain that prices agreed are “typically some way, 5% or more, below asking prices”.

The latest RICS survey suggest that confidence in the UK housing market weakened in February as renewed geopolitical and macroeconomic uncertainty have weighed on buyer sentiment.

Responding to the RICS survey, Mark Wood, of Blues Property in Cambridge, said: “The start of the conflict in Iran will change the outlook in the residential market.

“It was hoped that interest rates would be cut again after a drop in inflation, although now with oil prices already increasing, the hope of an interest rate drop have disappeared. Likely the market will stagnate.”

And Rob Swiney of Jackson Stops in Ipswich, added: “The market is open for business but is also very price sensitive at the same time.”