RICS - Cold snap affected housing market activity

The extreme weather conditions in the UK over the last few weeks had a negative affect on the housing market, it has been claimed.

According to the latest report on house prices by the Royal Institute of Chartered Surveyors (RICS), more surveyors reported a fall, rather than a rise, in new instructions during the adverse conditions.

Ian Perry, a spokesman for the organisation, said: "The cold snap in January clearly has a huge impact upon both supply and demand in the housing market with activity coming to a halt amidst the seasonal chaos."

However, despite a lull in the number of new instructions, the report also revealed that house prices continued to rise.

Figures from the study showed that 32 per cent more surveyors reported a rise in house prices last month, up from 30 per cent in December 2009.

Mr Perry said the trend would continue for some time but may tail off towards the end of the year.

Get a buy-to-let property insurance quote today from Simple Landlords Insurance.