By Daniel hunter
The momentum of the housing market has slowed down to the same pace at 16 months ago, according to the Royal Institute of Chartered Surveyors (Rics).
The surveyors become the latest organisation to suggest that the growth of the housing market is showing signs of slowing down after a year of rapid growth.
Rics said the demand from new buyers fell for the third month in a row in September. Demand in London was down for a fifth consecutive month after "caution took a particular toll". And that will have an impact on prices, which Rics expects to fall in the next three months in the capital.
Simon Rubinsohn, chief economist at Rics, said: "Part of this is down to the Bank of England becoming more vocal about the risks, part of this is down to affordability, part of this is down to the new mortgage rules and part of this is down to expectations of higher interest rates."
On Wednesday, figures released by Halifax suggested that the growth of house prices had "peaked" and were expected to fall in the next three months.
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