Property market: 'Level of caution'

%VIRTUAL-SkimlinksPromo%Surging house prices and stricter mortgage lending rules are starting to take some of the strongest heat out of the property market as consumers become more cautious, surveyors have reported.

In London, where fears that the market is overheating have been particularly concentrated, demand for properties from prospective buyers slipped back last month for the first time since June 2012, the Royal Institution of Chartered Surveyors (Rics) said.