Property prices 'falling into the unknown'

It is unsure how quickly the housing market is slowing down, and how far down it will go.

Following years of strong growth, statistics from the Council of Mortgage Lenders (CML) and Rics suggest that the UK housing market is in decline.

However, Henry Pryor of website Primemove said it was similar to "skydiving at night", in that it is unclear how fast and how far down it will go.

"What we are seeing from the reports from the CML and from the Rics really reinforce and confirm what we have seen probably over the last six or seven months: the stock of new property coming onto the market is significantly down, somewhere in the order of 30 to 40 per cent," he said.

"My concern is that frankly at the moment this is akin to skydiving at night; we have no idea how fast we are falling, we've got no idea where the bottom is."

Rics surveyors reported that house price growth remained negative for the third month in a row in October.

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