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Over half of agents saw October fall

Over half of estate agents reported house price falls in October, the latest Royal Institution of Chartered Surveyors housing market survey shows.

In October, 55% said prices had fallen in the previous three months compared with 44% in September and 38% in August.

Just 4% thought prices had risen while 41% reported that prices remained the same.

Buyer enquiries fell for the fifth month in a row, with continued lack of mortgage finance and a cautious attitude by purchasers saw 12% more agents reporting a fall.

Regarding instructions, 4% fewer agents reported a fall in October compared with 22% more reporting a rise in September.

This is the first drop in supply since January when the extreme weather conditions contributed to a low level of new stock coming to the market.

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