The number of home buyers on books decreased last month, as did the quantity of houses available and the percentage of first-time buyers in the market, members of the National Association of Estate Agents (NAEA) have reported.

NAEA members reported an average of 74 properties for sale in February compared with 83 the previous month.

First-time buyers represented 11.7 per cent of sales in the market in February, while the percentage of sales agreed fell from 9.86 per cent in January to 8.64 per cent.

This drop is being seen as a reflection of the current gloomy economic outlook.

NAEA president Stewart Lilly commented: "The figures reported in February echo the current climate of confusion that is clouding the property market at present."

The global credit crunch, combined with consumer inflation, was putting great pressure on the property market, he added.

While acknowledging that the situation was not on par with the difficulties of the late 1980s, Mr Lilly called for the Bank of England to lower interest rates.