There seems to be more stability in property market in spite of a monthly increase of 1.1% in house prices in July, according to TEAM, the country’s largest network of independent estate agents. The network’s leaders are predicting that prices are peaking in most areas.

TEAM’s latest national survey shows that nationwide the average price of homes “under offer” was £195,489 in mid-July compared with £193,360 in June, an increase of 1.1%. On average, properties are 14.9% more expensive than 12 months ago.

The survey is based on data supplied by 558 offices of TEAM members in 16 regions across England and Wales. It reflects a daily average of 4,644 homes listed as under offer by agents in the four-week period to mid-July.

Five regions showed increases on the month of more than 2%. They are Cornwall, Devon, South Hants, South Wales and Dorset & West Hants. The biggest rise over the past year has been in South Wales, where average prices are 27% higher.

TEAM’s national chairman, Philip Muzzlewhite, commented, “The predicted slow down in price rises is clearly now seen with fewer buyers and more sellers creating a new equilibrium in the market not seen since 1996.”

Jim Atkins, a past president of the National Association of Estate Agents and a TEAM member based in Dorset, said, “Prices have now reached their peak for the time being in most areas, particularly the south. Whilst enquiries have slowed a little, market appraisals and instructions are plentiful. Sellers must be realistic with their asking prices in order to attract buyers.”