House prices still falling

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The Royal Institution of Chartered Surveyors (RICS) reported that house price growth remained negative, but supply still remained tight.

Of the Chartered Surveyors questioned, 40.6% more reported a fall rather than a rise in house prices, down from 23.4% in October.

The figures are the most negative since May 2005 when 49% more Chartered Surveyors reported a fall than a rise.

Housing supply has started to loosen to an extent but a strong labour market means those at the margins still remain confident of maintaining stable household finances.

Of the new instructions net balance, 6% more surveyors reported a fall - up from 17% in October, although it still remains negative.

New buyer inquiries improved for the first time in a year - down to 31% compared to October's 41% - but still remains well below the long run average.

Newly-agreed sales declined at the fastest pace since April 1999 (when the question was first asked) - with 36% more reporting a fall than a rise.

Unsold properly meanwhile jumped by 8.7% following last month's rise of 9.7% - which means the ratio of completed sales compared to unsold property on the market fell to 33.1% making market conditions the loosest since October 2005.

Surveyor confidence in house prices reached the lowest level since the records began in 1998 with market conditions having a depressing effect on sentiment. It is hoped however the recent interest rate cut may see optimism increase in the coming months.