The slowing housing market may yet face difficult times ahead, according to new figures from the Royal Institution of Chartered Surveyors.

RICS reveals that property sales have fallen by 30% compared to this time last year. Fears of an interest rate rise in the wake of the General Election is being cited as one of the reasons for the lack of buyers

RICS national housing market spokesman Ian Perry said: "While sales have stabilised in recent months they remain significantly down on last year. Concerns that interest rates may rise again after the election seem to have kept would-be buyers out of the market. However, the low number of property sales, together with a marked cooling in High Street spending suggests that the Bank of England has achieved its desire to rein back household spending and borrowing, mitigating the need to raise interest rates again in the months ahead."