RICS Data

The RICS have said that 44% more of its member estate agents recorded falling rather than rising prices in November; this was a better figure than october when 49% saw falling prices.

Some 41% of agents are expecting prices to fall than rise in the next quarter.  Sales (not prices) expectations were more upbeat, with 6% more predicting sales to increase rather than decrease over the next three months.

Ian Perry, RICS Spokesman said: 'There was little change in the housing market in November; prices continued to edge lower and sales levels generally remained subdued.

'Despite some better economic data, fears over how future spending cuts will impact on the jobs market are clearly still weighing heavily on potential purchasers' minds, with many deciding to 'wait and see' until the new year. Meanwhile, the lack of mortgage finance continues to deter first time buyers.'

It also came to light that many sellers have decided to wait until the new year to put their property on the market.

However, indicators continue to point to a slowdown in the market next year.  The Instiute said as a result one of the indicators of future price direction, the stock-to-sales ratio fell to its lowest level since May 2009.