“The traditional influx of new properties on the market at the start of
the year has created even more intense competition amongst sellers. Even the
resilient £1m-plus market is showing signs that it is not immune from the
general economic pressures, as reductions have jumped at that end of the
market.”

The report follows a warning from estate agents that fears about the job
market are keeping the housing market depressed.

Home owners are reluctant to commit to moving house while the outlook for the
economy, and unemployment in particular, remains uncertain, the Royal
Institution of Chartered Surveyors said.

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