Current UK House Prices Situation: Generally stagnant - little definite movement

UK House Prices Forecast: Falling prices nationwide - no growth in 2008

RICS Reports Worst Survey Results Since 1990

RICS, the Royal Institution of Chartered Surveyors, this week published its most recent survey of its members - surveyors and estate agents.

Of those questioned, 64.1% more reported a fall in house prices than an increase - a worsening from the January figure of 54.8%.

The number of unsold properties on estate agents' books also jumped - up 8.5% from January. This is the fifth consecutive month when this figure has been above 8% - unsold stock is now up nearly 50% from a year ago.

Commenting on the figures in The Guardian, Michael Saunders of Citigroup said that these results were "very soft indeed" and that he believes that "the further adverse effects of rising repossessions, weakening job growth and then probably a rise in unemployment still lie ahead."

RICS' monthly survey is considered to provide an accurate forward indicator of what's happening in the housing market - as data can be collected about sales which have been agreed but not yet completed.

FT House Price Index Reports Monthly Gain but Drop in Annual Rate

The latest edition of the Financial Times House Price Index, covering the month of February, was also published this week. It manages to record an increase in average prices of 0.2% in February, with the annual rate falling from January's 6.8% to 6.1%.

However, a look at regional data soon highlights the stagnation and falling prices that are the reality in most areas of England and Wales. Of the 10 regions covered by the survey, 6 out of 10 showed no increase or a fall in average prices in February.

Only the north-west, south-west, south-east and Greater London managed small increases.

Read our take on the Credit Crisis the effect on UK House Prices and Mortgages. A Special Report

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