THERE is a continuing decline in South East house prices due to a lack of interest from potential buyers, according to the Royal Institution of Chartered Surveyors (RICS).

The rate of house price falls has slowed since November and the number of homes sold has shown a slight increase, but surveyors are remaining pessimistic about the near future in this part of the country.

Prices are likely to remain restrained with the growing choice of available property for potential buyers and surveyors are anticipating modest price reductions over the next few months.

Trevor Hines, RICS South East director, said: "More people are waiting on the sidelines as a result of renewed uncertainty over interest rates.

"With the influx of property on the market, they are now spoilt for choice and can afford to be non-committal, signifying a turnaround from the days when it was a seller’s market."