The housing market slowed for the fourth month in a row during January, as chartered surveyors warned there could be price falls ahead.

The Royal Institution of Chartered Surveyors (RICS) said 19 per cent more of its members expected prices to fall during the coming three months than those who expected further increases.

The group added that during the three months to the end of January, 21 per cent more surveyors reported a rise in prices than those who reported a fall.

It is the fourth month in a row the number of surveyors reporting price growth in England and Wales has fallen, and January's figure matches the post-September 11 low reached in November 2001.

The group said prices had fallen in London during the three months, with 45 per cent more surveyors reporting a drop than a rise, the strongest figure for almost nine years.

It added that previous falls at the top end of the market in the capital had filtered down to middle-priced homes.

In the South-East there were slight falls, with 11 per cent more surveyors saying prices had declined, while growth remained static across the South-West, Midlands and East Anglia.

There was also a significant rise in the number of people looking to buy during the month, though RICS members were not confident these new inquiries would convert into sales.