A new report from the Royal Institution of Chartered Surveyors has described activity in the UK’s housing market as “stagnant”, with the number of properties for sale at an all time low.

According to the report, the number of properties with the average estate agent slumped to 43 in March. the lowest since 1978 when figures first began.

Simon Rubinsohn, chief economist from theRoyal Institution of Chartered Surveyors, said: “The latest results for the RICS survey show little change in the underlying picture surrounding both sales and markets.

“High-end sale properties in central London remain under pressure, while the wider residential market continues to be underpinned by a lack of stock.

“This includes rents, with rents away from the capital generally moving higher as demand outstrips supply.

“For the time being it is hard to see any major impetus for change in the market, something also being reflected in the flat trend in transaction levels.

“The imbalance between supply and demand continues to drive rents upwards. Contributors anticipate further growth in rents in virtually all areas over the next 12 months with the exception of the capital, where rents are anticipated to continue to decline over the near term,”

The Official figures, that were released this week, show how the cost of an average home in the UK reached £217,502 in February – a record high.

A mild recovery is forecast for the coming 12 months. A net balance of 24 percent are saying that numbers in house sales will increase, although this is slower than the estimations from the Royal Institution of Chartered Surveyors report last month.

The Office for National Statistics reported this week that house prices rose 5.8 percent in the past year till February. This is almost half the rate of growth seen before the decision to leave the European Union. 

Before last year’s referendum, the Treasury estimated that house prices would be between 10 and 18 percent lower over two years, implying that house prices would stagnate to 2018.