House prices 'slipping back' - RICS

Home sellers continued to outnumber buyers in the last three months causing property prices to slip back, according to surveyors.

The Royal Institution of Chartered Surveyors (RICS) said 44% of its members saw prices fall in the past three months.

Only 6% reported rising prices, while 50% said they had been stable.

Average sales per surveyor remained constant at 16.7 over the month, RICS said, while the average number of properties on surveyors' books rose 1.9% to 69.1.

RICS spokesperson Ian Perry said it was "very much" a buyers' market.

"The fresh influx of property to the market combined with a lack of buyers remains the key problem affecting the sector.

"First-time buyers are in particularly short supply as the high deposits required by lenders prevent them from taking their first steps on the property ladder," he said.

"Without sufficient demand, property prices continue to slip back.

"However, many areas are reporting a correction, rather than dramatic falls in prices, and vendors who are prepared to be realistic with pricing are still able to achieve a sale."

Scotland continues to buck the trend as the only region with more surveyors reporting rising rather than falling prices.

Within England, the East Midlands recorded the lowest price net balance, falling from -54 to -61. In Northern Ireland, prices continue to fall sharply.