Homebuyer enquiries have plummeted across East Anglia as the cost-of-living crisis takes its toll.

New figures from the Royal Institution of Chartered Surveyors (RICS) shows enquiries in sharp decline across the region - but prices still rising.

Across the UK, new buyer enquiries sunk to their lowest level since April 2020, with sales expectations the most downbeat since RICS started its monthly UK Residential Market Survey in 2012.

Chartered surveyors are asked a series of questions including whether prices have gone down or up and whether enquiries are up or down over the last three months to arrive at a balance of positive versus negative responses.

In East Anglia the net balance of new buyer enquiries was -61% - compared to a UK average of -39%.

But on price, the region polled a net balance of 61% - suggesting the trend was still upwards. This compared to the UK figure of 53% as shortages of homes continues to push prices higher in spite of the challenging economic climate.

Meanwhile, looking forward, the net balance for 12-month expectations in East Anglia was 22% for prices - while dropping 45% for sales.

Across the UK, inventories on agents’ books sank to all-time low of 34 homes per branch while buyer enquiries dropped from -26% to -39% - making the fourth consecutive month of negative readings.

A net balance of -22% in agreed sales across the UK followed a -13% balance the previous month as sales fell for the fourth month in a row.

The downward trend looked like becoming further entrenched, RICS said, as sales expectations slumped to the most downbeat they have been since 2012 at -45% versus -36% in July.

Senior economist Tarrant Parsons said: “Concerns over the economic backdrop and rising interest rates continue to take their toll on market momentum, with strong activity early in the year now giving way to a more subdued picture.

"Moreover, given projections for the UK economy point to a potential recession emerging towards the end of 2022, respondents envisage housing sales continuing to slip in the coming months.

"For the time being at least, the lack of stock available on the market is still providing support to house prices, which continue to rise, even if the pace of growth has cooled over recent months.”