House prices rise may start to slow

Further rises in UK house prices may be held back by more properties coming on to the market, surveyors have said.

The Royal Institution of Chartered Surveyors (Rics) says new instructions outpaced inquiries from new buyers in February.

It was the second month in a row that this had happened.

The rise in house prices during the past year has been attributed by many commentators to a shortage of stock for sale.

Despite the suggestion that the balance between buyers and sellers may be changing, Rics still found more surveyors reporting rising prices than falling prices last month.

Rics said it was the first time in two years that new sale instructions had outstripped inquiries from would-be buyers in a sustained manner.

The actual level of sales recorded by its members was still hampered last month by the effect of the cold weather.

As a result, the number of sales per Rics member remained at 1.4 per week.

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