House prices across the UK tumbled last month at the fastest rate for two years, an RICS survey shows today. The Guardian

The RICS also reported that demand from first-time buyers has plummeted sharply.

House prices declined in September for the second month in a row as 14.6% more surveyors reporting a fall in prices than a rise.

This was a marked increase on the 3.3% more surveyors that reported a fall over a price rise in August.

‘The combination of rising interest rates, the introduction of home information packs and volatility in the financial markets resulting in tightening of lending criteria, has certainly affected the confidence of buyers and sellers,’ said Jeremy Leaf, spokesman for RICS. ‘As a result, some would-be buyers are turning to the rental market.’