For a good while now, residential sales can accurately be summed up as “losing the battle – but winning the war”.

In other words, agents have continued to fight gamely against a rising tide of general economic woes.

Many have survived this far, and remain bullish that a return to more buoyant times is only a matter of riding through the storm.

In the meantime, a sober and meaningful backdrop is available by way of the Royal Institute of Chartered Surveyors (RICS) housing survey.

Surveys are a bone of contention for me – but this one cuts the mustard for one simple reason. With around 100,000 qualified members and over 50,000 students and trainees in some 140 countries, RICS provides the world's leading professional qualification in land, property and construction issues. Therefore, as an independent organisation, RICS acts in the public interest: setting and regulating the highest standards of competence and integrity among their members; and provides impartial, authoritative advice on key issues for business, society and governments worldwide. Here’s a selection of comments from their members taken from the most recent August survey: 1) “Many prospective vendors reluctant to move house in current economic climate, as feel good factor missing. Reasonable sales activity bearing in mind fragile market, however too many ‘fall through’ due to chains breaking down and unhelpful attitude of lenders”.

2) “The housing market has been sluggish over the past three months with the volume of sales decreasing, buyers are caught in the mortgage famine and increases in the cost of living and lower salary levels in real terms. Overall confidence in the residential market is low. The next quarter will be a crucial period for the market this year, and an indication of how we will fair next year. The local media have been talking the market upwards, activity and results show completely the opposite”.

3) “The market remains sluggish due to under lying economic factors and lenders reluctance to relax unreasonable lending criteria. Lenders continue to be too strict and inflexible. A recently sold flat in the city centre had the benefit of a 90% loan. When lenders realised the flat was only 5 years old the deposit rose to 15%. Had the flat been 6 years old the deposit would have remained at 10%. Despite all pleas for common sense to prevail the lenders would not relent and the deal fell through. I remain unconvinced that a 5 year old flat is a more risky investment than a 6 year old flat”.

So, there you have it. It’s certainly true to say that agents are still around and continuing to sell property.

However, to borrow the commonplace parlance of the war years – “rationing” is the order of the day.

Neil Thwaites Westfields Property