A cooling property market has been reported in various surveys

The Royal Institution of Chartered Surveyors (Rics) says such a trend has not been seen since the housing recession of the early 1990s.

Some 54.7% more surveyors reported a fall than a rise in house prices in January - up from 49.1% in December.

The picture mirrors other surveys in recent weeks which suggested that the property market is stalling.

The Rics survey said that the only part of the UK where prices continued to rise was Scotland.

'Lack of demand'

Surveyors say the credit crunch is continuing to have an effect on the housing market.

"A lack of demand and confidence in the housing market is clearly behind the recent price slowdown," said Rics spokesman Jeremy Leaf.

If mortgage lenders filter the recent interest rate cuts into the market, demand should begin to increase Jeremy Leaf, Rics spokesman

"Tightening mortgage lending criteria is a block to many who are keen to take the housing market plunge.

"Agents are finding it difficult to market properties to an audience which has decided to watch the current economic theatre from the wings."

The Bank of England cut interest rates at its December meeting from 5.75% to 5.5%, and then again by a further 0.25% last week.

"If mortgage lenders filter the recent interest rate cuts into the market, demand should begin to increase," said Mr Leaf.

He added that strong employment conditions were shielding the housing market from significant price falls.

Housing stock

The stock of unsold property on surveyors' books increased by more than 10% in January and by in excess of 40% since September, the Rics figures showed.

The average level of unsold property per surveyor was 85 - the highest figure since February 1999.

January figures from the Halifax bank and the Nationwide Building Society signalled falls in annual house price inflation.

The Halifax, the UK's biggest mortgage lender, said annual house price inflation was 4.5% in January, down from the previous month's figure of 5.2%.