New figures have revealed house price growth in the UK has slowed to a three-year low.

The Royal Institution of Chartered Surveyors (RICS) Residential Market Survey shows only 5% more respondents reported seeing a price rise in the three months to the end of July.

The statistics also revealed sales, new buyer enquiries, and new instructions, all declined over the same period.

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In Scotland, only 8% more surveyors reported seeing a rise rather than a fall in prices, while London, East Anglia, the North of England and the West Midlands saw prices decline.

With 12% more surveyors forecasting a decline in house prices over the next three months, RICS Chief Economist Simon Rubinsohn said: "The housing market is currently balancing a raft of somewhat mixed economic news alongside the latest policy measures announced by the Bank of England, which have already begun to lower cost of mortgage finance. Against this backdrop, it is not altogether surprising that near term activity measures remain relatively flat."

(LM/CD)