Although property prices rose again in July by just over 1%, there seems to be a levelling in the market, according to TEAM, the country’s largest network of independent estate agents.

And the market is becoming extremely price sensitive with even slightly over-priced properties failing to attract viewings.

TEAM’s latest national survey shows that nationwide the average price of homes “under offer” was £170,090 in mid-July – an increase of 1.01% compared with June. The average rise in the last 12 months is now 13.6%.

The survey is based on data supplied by 558 offices of TEAM members in 16 regions across England and Wales and reflects a daily average of 4,743 homes listed as under offer by agents in the four-week period to mid-July.

While prices in Surrey have taken a further tumble in the month, the market across the rest of the country has, in general, remained steady. Four regions, Essex, South Hants, East London and South Wales, have reported monthly increases in excess of 4% although this may be the effect of offers for a small number of high value properties.

TEAM’s national chairman, Philip Muzzlewhite, commented, “Suddenly the warm sunshine and lure of golden sand has taken peoples’ mind off the property market. A glass of wine on the patio is more appealing than viewing houses and the market levels off again. When it rains we expect the opposite effect.”

Jim Atkins, a past president of the National Association of Estate Agents and a TEAM member, based in Dorset, said:

“Activity in the market varies from day to day but remains strong, often extremely busy with valuations, new instructions and volume viewings. However, the market is also extremely price sensitive and a property overpriced by just a few thousand pounds will not attract viewings. Buyers should have a completed chain and their mortgage in place before making an offer.”

“A good level of sales is being achieved and I am surprised at the high level of activity still continuing at the end of July after the schools have broken up for the holidays. Long may it continue!”