Housing market slowdown continues, says Rics

Today’s Royal Institute of Chartered Surveyors (Rics) UK housing market survey suggests that house price growth has continued to fall.

Research by the institute indicates that house price growth has reduced for the third consecutive month and at the fastest pace since July 2005, when 30.9 per cent of chartered surveyors reported a fall rather than a rise in house prices.

However, Scottish house prices continued to grow, despite a "marked" slowdown.

Almost a quarter (22.2 per cent) of surveyors reported a fall in October, compared to 14.9 per cent the month before.

Enquiries from first-time buyers declined for the 11th consecutive month and as such the stock of unsold property has risen at its highest rate since May 2003.

Spokesperson for Rics Ian Perry commented that many had been expecting the slowdown.

The institute represents, regulates and promotes the work of property professionals across the globe and has over 140,000 members.