RICS comment on Land Registry figures

Commenting on the Land Registry figures, RICS senior economist, David Stubbs said: "The housing slowdown continues to accelerate as homeowners and prospective buyers deal with the impact of five interest rate increases since last August, and the most stretched affordability conditions for more than 15 years.

The number of new buyer enquiries has fallen for eight months in a row and the amount of stock on estate agents books has risen every month since March, as supply is now outstripping demand.

A difficult 2008 looms for the housing market, and will be made even worse if interest rates rise to 6% in the coming months."