New buyer enquiries in the housing market have declined for the tenth consecutive month and at the fastest rate since March 2003, according to new research by the Royal Institution of Chartered Surveyors (Rics).

However, the institution stated that strongest price growth in the UK took place in Scotland, while other regions experienced negative growth, in news that may be of interest to those considering purchasing a new home in the region.

Spokesperson for Rics Jeremy Leaf attributed a loss in confidence among buyers and sellers to the introduction of home information packs, rising interest rates and volatile financial markets that have resulted in tightening of lending criteria.

"As a result, some would-be buyers are turning to the rental market whereas others, conscious that the next move in interest rates is now likely to be down rather than up [...], are seizing the opportunity to negotiate with more flexible vendors in a less competitive market-place," he said.

Rics provides information on land, construction, property and related environmental issues.