House price inflation has cooled for the third month running, according to the latest housing market survey from the Royal Institute of Chartered Surveyors (RICS).
47% of members reported rises rather than falls. This is down from 53% in October and 58% in September, although still well above the average of 24%.
Ian Perry, national housing spokesman for RICS, said: ‘Looking ahead to 2003, we expect to see house prices to rise by no more than 11% in the year, reducing to 5% in 2004. There is already a slowdown in price inflation evident in southern England and the other parts of the country should follow next year.’