TOO many near-identical homes in and around Horncastle could lead to a fall in house prices, according to a leading surveyor.

Andy Hey, Lincolnshire spokesman for the Royal Institution of Chartered Surveyors, says there appears to be a large amount of homes on the market at the moment and believes that one in ten will end up dropping their price to be the one that sells.

However, Michael Noonan of Horncastle-based Remax, believes that Mr Hey is "a brave man to make such statements".

He said: "There has definitely been downward pressure over the last two months, whether or not prices are actually falling or just stabilising, I wouldn't like to say.

"If house prices were to fall, this would be a benefit to buyers – if they could get mortgages in the first place, banks are definitely cherry-picking their clients at the moment.

"Getting a deposit is not easy, you only have to look at what banks are asking.

"It hasn't all been negative though, as there have been small upward curves over the last six months."

Mr Hey's comments come as the society publishes its UK Housing Market Survey.

He added: "In general, we are quite pleased if prices are coming down from the top end, because it makes the market marginally more attractive and accessible for younger house buyers."

The report shows that, nationally, eight per cent more surveyors reported a fall rather than a rise in house prices.