RICS Report Shows House Price Fall

In its latest survey of members in England and Wales the Royal Institute Of Chartered Surveyors suggests House prices in October fell for the third month in a row, and at the fastest pace since July 2005.

London was the only region where prices did not fall during the month, according to the RICS survey.

Rics spokesman Ian Perry said, "The housing market is seeing the awaited slowdown that many had been expecting, with modest falls reported across most UK regions.....Credit market turmoil has yet to put downward pressure on prices in the capital, although prices have now stabilised even here," he added.

Overall, 22% more surveyors in England and Wales in October saw prices fall than rise in their locality.

The Council for Mortgage Lenders suggest first-time buyers are finding it increasingly expensive to get onto the property ladder.It says the average first-time buyer spent 20.4% of their monthly income on mortgage interest payments in September, the highest level since 1991.