THE Royal Institution of Chartered Surveyors (Rics) reports that the slowdown in the housing market is becoming more pronounced.

According to their latest survey of members in England and Wales prices in October fell for the third month in a row, and at the fastest rate since July 2005.

The only region not to suffer was London.

Rics spokesman Ian Perry commented: "The housing market is seeing the awaited slowdown that many had been expecting, with modest falls reported across most UK regions."

"Credit market turmoil has yet to put downward pressure on prices in the capital, although prices have now stabilised even here," he added.

High prices and increased interest rates have resulted in the unaffordability of homes, relative to average incomes, having risen to record levels.

Enquiries from new buyers have fallen, for the 11th month in a row.

Rics said: "Interest rate rises, the recent credit crunch and the subsequent tightening of lending conditions have all had an impact upon demand."

Overall, 22 per cent more surveyors in England and Wales in October saw prices fall than rise in their locality.

Although prices are still rising slightly in Scotland they are now falling sharply in Northern Ireland.

However the tightening market does not seem to be hampering agents' progress locally.

Residential managing director, Nigel Price, said: "We have taken great care to describe the hardening market conditions to our clients, and where they have been realistic in their expectation of price, we have sold and sold quickly.

"However there is no doubt that conditions are hardening and the supply of property will be extremely important. It will become essential that purchasers commit to putting their property on the market prior to finding their next home to ensure sufficient supply."

Goadsby has reported that in the last three months it has exchanged on nearly thirty properties priced at half a million pounds and above, a figure which substantially exceeds their targets.

These properties have been spread throughout their network and range from a seaside home in Bridport priced at £725,000 to a stunning luxury home in Broadstone priced at over two million pounds.