House prices are set to fall further, according to data revealed by the Royal Institution of Chartered Surveyors (Rics).
Over 44% of the 265 estate agents who participated in a Rics property market survey said they had witnessed a decline in prices over the last three months. Only 6% said that prices had increased, however, half of those polled said prices had remained stable.
Ian Perry, Rics spokesman, said: "First-time buyers are in particularly short supply as the high deposits required by lenders prevent them from taking their first steps on the property ladder. Without sufficient demand, property prices continue to slip back".