According to UK surveyors of the Royal Institution of Chartered Surveyors (RICS) the housing market slowed down at the beginning of the summer and that wave of cooling for the market is spreading outward. Now parts of the South East of London are showing a cool down in the market which will soon impact the average house price for the UK unless other areas keep showing strength in demand from buyers.

Only 1% more of those reporting for RICS in July revealed house prices on the rise. It is still an optimistic report despite the lack of rapid optimism.

The slowing down of the housing market will be a welcomed sight to those that have been shut out of the market. More affordable prices could push a boost in buying by those that had been absent from the market which in turn would hold growth steady.

Simon Rubinsohn, a chief economist with RICS, remarked, “Sales activity in the housing market has been slipping in the recent months and the most worrying aspect of the latest survey is the suggestion that this could continue for some time to come.

“One reason for this is the recent series of tax changes but this is only part of the story. Lack of new build in the wake of the financial crisis is a more fundamental factor weighing on the market. And there are some very real consequences for the economy from all of this including the impact on the ability of people to be mobile when looking for work.”

While London and the nearby areas are not particularly on the radar of first time buyers, a drop in prices could push those looking for an upgrade to make the change. That in turn will free up more starter homes in outlying areas for those looking to buy for the first time and commute into or near the capital.

Such waves within the housing market could be a good thing for not only sellers, but for the communities as well as it will bring a new influx of consumers to spend within the local community.

The still low interest rate offers from lenders for both mortgage and remortgage deals will add to the environment as some homeowners move home and others stay put. The low interest offers will surely bring attention from those finding the lower house prices within their budget and see this change in the housing market an opportunity not to be overlooked.