Dark clouds gather over UK housing market

Downward pressure continues to be exerted on house prices due to caution by potential buyers and the continued rationing of mortgages by lenders.

"New buyer inquiries dropped for the fifth consecutive month as the housing market slowed further during October," a RICS spokesman said.

"Respondents to the survey report that the market is generally cautious, with many buyers signalling that they are going to wait until the spring to make a decision."

RICS said the figures represented the worst level of sales since June last year.

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