Agents selling one property a week

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The average estate agent made just 12.7 sales in the three months to the end of August, the lowest level since the Royal Institution of Chartered Surveyors' (RICS) survey began in 1978.

The group blamed the lack of activity on a combination of the mortgage drought and speculation surrounding the Government's recent announcement on stamp duty.

Rumours about a stamp duty holiday circulated for much of August, causing people to delay making a purchase, before the Treasury finally confirmed last week that it was suspending the tax on properties worth up to £175,000 for one year.

Other market indicators remained grim, with the number of inquiries from new buyers stalling following a modest rebound in recent months.

In June and July surveyors said predatory buyers had been tempted into the market after many sellers dropped their asking prices. But the group said that the traditionally weak month of August had seen this interest stagnate.

The number of surveyors reporting house price falls eased slightly for the fourth month in a row, but with 81% more surveyors reporting drops than those who saw a rise, the figure remained close to a low of 94.9% in April this year.

On a brighter note, the number of new instructions to sell property edged closer to positive territory, but RICS said the figure remained low in the absence of high levels of sales by people unable to keep up with their mortgages.

Overall, 2% more surveyors reporting a fall in properties coming on to the market compared with those who saw a rise, down from 3% more who saw a fall in July.