Thirty-seven per cent of chartered surveyors in the South-East reported a fall in prices against those reporting a rise compared with 28 per cent last month. And in London 56 per cent reported falls compared with those reporting rises, up 3 per cent from last month.
Ian Perry, national housing spokesman at RICS, said: "The market slowdown in the South-East reflects the fact that the rate of rises earlier this year were unsustainable and buyers have become increasingly reluctant to pay the asking prices. This clearly shows that, at the moment, sellers have to price realistically to achieve sales."
The figures in the South-East contrast with those in the northern regions of England, and especially in Yorkshire and Humberside, where prices rose slightly. According to RICS this is a reflection of the more stable nature of the market, with 40 per cent more surveyors in the region reporting rises than falls, up 4 per cent from last month.
The overall picture was of slight growth as 2 per cent more surveyors reported a rise than a fall, which was down from 5 per cent last month.
"Chartered surveyors are confident that the overall market will continue to be positive in the coming year. The prospect of a healthy economy and continued low interest rates, on top of strong signs of interest from potential buyers, suggest 2002 will continue the trend towards a more robust market, even though signs are that it will be subdued in the early part of the new year," said Perry.
