The Royal Institution of Chartered Surveyors (Rics) has warned that property prices are falling to an extent not seen since the 1990's housing recession.

Around 49.1% more surveyors saw price falls in December than reported a rise - the lowest figure since November 1992.

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Prices have been hit by last year's interest rate rises and tighter lending criteria Rics said.

The housing market weakened further in December according to the latest research from Halifax and the Nationwide.

Rics spokesman Ian Perry said: "The housing market is clearly feeling the pinch from the credit crunch and the round of interest rate hikes in 2007."

The survey also showed the stock of unsold property held by surveyors increased by 7.1% following a 9.1% jump in November and a 10.3% gain in October.

(GK)