Surveyors have reported that housing market activity across the UK fell in January compared to previous months, according to the latest RICS UK Residential Market Survey.

A net balance of -28% of respondents reported a decline in new buyer enquiries in January, ending a seven-month run of positive returns and signalling a noticeable drop off in demand.

RICS also suggested there was a decline in the number of listings, with a net balance of -38% of respondents noting a fall in new properties going onto the market – the first negative result since May.

January also saw sales of homes drop with an -18% net balance of respondents citing a fall across the UK – which RICS said indicates a “reversal of fortunes” for the market after respondents reported positivity in December.

While the next 12 months for sales appears flat with a net balance of -4%, the survey’s results suggested that nearer term expectations from respondents remain particularly subdued – with a net balance of -29% predicting a decline in sales and a challenging period ahead.

“The latest RICS survey suggests that despite attempts to keep the housing market open through the latest lockdown, there has been perhaps an inevitable impact on the level of activity in the sector with both enquiries from potential buyers and new instructions slipping back,” said RICS chief economist, Simon Rubinsohn.

“That said, actual transaction numbers will remain firm over the next couple of months reflecting the completion of deals that in many cases were agreed through the back end of last year. The appeal of properties with more room and outside space is, meanwhile, a theme that continues to be strongly evident in the responses to the survey.

“Alongside this, renewed concerns are evident regarding the supply of properties in the rental market. Changes in the regulatory framework as well as the tax regime are frequently cited as drivers of this trend which is widely seen as pushing rents higher in most parts of the country despite current affordability concerns.

“London is a notable exception from this trend with private rents viewed as remaining under pressure over the coming months.”

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