Rics: House prices cooling

Britain's house prices are cooling, according to the latest research by the Royal Institution of Chartered Surveyors (Rics).

Prices are decreasing that their fastest rate since July 2005 after falling for the third consecutive month in October, the survey found.

Surveyors also recorded their lowest confidence for the future pricing of the market since April 2003, suggesting that the downward trend is set to continue.

Homebuyer inquiries have fallen for their eleventh month while mile mortgage lending for property purchases has fallen from £13.9 billion during the first six months of fiscal 2006 to £12.7 billion over the same period this year, according to figures released by the Council of Mortgage Lenders.

"The housing market is seeing the awaited slowdown that many had been expecting, with modest falls reported across most UK regions," a spokesperson for Rics commented.

Recent government figures estimated the average cost of a home in the UK at £220,111.

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