House prices fell for fifth month in a row last month according to RICS house market survey

House prices are falling at their fastest rate for 15 years according to the latest housing market survey from RICSs.

The report found that 49.1% more surveyors reported a decrease in property values than a rise for December.

It is the fifth month in a row that prices have fallen. The RICS blames high interest rates and tighter lending criteria for the drop.

Demand for property also fell in December with 25% more surveyors reporting a fall in people looking for a new house than a rise.

RICS spokesperson Ian Perry said: “The housing market is clearly feeling the pinch from the credit crunch and the round of interest rate hikes in 2007."

Surveyors said that surveyor confidence about sales and prices was at the lowest point since the questions were first included in the survey in 1998.