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House prices actually fell in September, according to the latest survey by the Royal Institution of Chartered Surveyors.

It’s interesting to see that not only did the number of people looking to buy a house drop, but that the number of people looking to sell decreased too.

So the housing market is slowing down - no doubt responding to the rises in interest rates earlier this year and to the uncertainty caused by the recent credit crunch problems.

Confidence is everything in high value asset markets such as housing and it seems to be slipping away at the moment.

I personally don’t think that there will be a house price crash, even with affordability at an all time low, but I am expecting a period of stagnation or even a drift downwards in house prices.

In my opinion, the property market must find a new level as it responds to the new market conditions and the as yet unknown impact of Home information packs.