The Royal Institute of Chartered Surveyors said that UK's housing gauge remained hovering at 18-month low in December, affected by the cold weather conditions that swept the country and crippled economic activities.

RICS spokesman, Jeremy Leaf said While lack of supply, and more importantly demand, continues to impact heavily, surveyor sentiment does appear more positive for the coming months, adding that The key issue now is mortgage finance. With commentators suggesting lending constraints are unlikely to be eased, it is hard to envisage a meaningful increase in sales levels in the near term.