Surveyor gloom close to a record

The number of UK surveyors reporting house price falls in February was close to the historic level of June 1990.

Cautious homeowners have caused housing stockpiles to rise to levels not seen for a decade, the Royal Institution of Chartered Surveyors (Rics) said.

Some 64.1% more surveyors reported a fall than a rise in house prices in February - up from 54.7% in January.

But the survey said Scotland was bucking the trend, with 25% more reporting price rises - up 18%.

Highs and lows

The survey showed the UK trend had continued for the seventh consecutive month and was close to the June 1990 low, when 64.5% more surveyors reported house price falls than increases.

But the picture in Scotland mirrored economic data coming out of the country, showing a rise in the balance of surveyors reporting price rises from 7% to 25%.

Across England and Wales, enquiries from would-be new buyers are still dropping fast and fell for the 15th month in a row, suggesting a continued slowdown in the market is likely in the coming months.

"Many would-be-buyers are either struggling to raise the necessary finance to precipitate a move or are exercising caution in light of current economic uncertainty," said Rics.