House prices are falling rapidly and the decline has increased to near historical levels not seen for a decade, according to a report by the Royal Institute of Chartered Surveyors (RICS).

The RICS house price balance dropped for the seventh month in succession signalling more than half a year of negative market sentiment.

64.1% more Chartered Surveyors reported a fall than a rise in house prices, an increase from 54.7% in January.

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This figure is close to the historical low of June 1990 when 64.5% more Chartered Surveyors reported a fall in house prices.

However, Scotland tells a different story.

The net balance of surveyors reporting price rises surged from 7% to 25%, a significant jump in the current economic climate, indicating that Scotland still remains the most buoyant market in the UK.

Demand for houses has also continued to weaken as new buyer enquiries continued to fall.

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.

Currently the average level of unsold property per surveyor stands at 92, the highest level since October 1998 when the average figure per surveyor was 93.

(CD/JM)