The housing market remains subdued in all parts of the UK bar London, the latest survey from the Royal Institution of Chartered Surveyors (RICS) has revealed.
Moresurveyors continued to report falling prices than rising prices, although a slight improvement was noted in the measure for the fourth month in a row.
It now stands at its most favourable level since July last year.
However, RICS said the situation was markedly different around various regions, with London being the only region to record rising prices, and the South East enjoying better fortunes than the rest.
New enquiries from homebuyers stabilised in February, halting the decline seen during the second half of 2010.
Meanwhile, activity levels in the property market have also stabilised, with newly agreed sales broadly unchanged during the month.
The number of sales agreed per surveyor actually edged slightly higher over the month.
However, a lack of confidence amongst buyers continues to undermine the market and is a situation that RICS believes could deteriorate further as the full impact of the public spending cuts begin take effect.
"Despite the more positive picture for some parts of the UK, the general mood is still a little flat," said Jeremy Leaf, RICS housing spokesperson.
"Broad trends in the survey indicate an increasing variation in the housing market across the UK with London and to a lesser extent the South East operating in a very different orbit.
"Rather ominously, we have probably yet to feel the full impact of the public spending cuts which are likely to lead to further divergence in the regional property market."
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