The perceived downturn in the housing market has seen the number of house sales fall to a record low, figures have shown.

The Royal Institution of Chartered Surveyors (Rics) said chartered surveyor estate agents sold an average of just 17.4 properties each during the three months to the end of May, the lowest figure since it began collecting data in 1978.

Potential buyers are wary of committing to property purchases due to negative press reports of falling house prices and problems securing loans.

The news comes amid reports that tens of thousands of people who took out 100% mortgages could face negative equity.

Data from the Council of Mortgage Lenders shows that more than 23,200 people who took out 100% mortgages in the year to 31 March could see falling house prices mean the amount they borrowed could be greater than the value of their properties.

But the Rics figures did offer some brighter news, with a slight decrease in the number of surveyors reporting house price falls for the first time in 10 months.

About 92.9% more surveyors said house prices had fallen during May, compared with those who thought they had risen, a slight improvement from the record 94.7% more who reported falls in April.

There was also a small improvement in the number of surveyors who reported a drop in buyer inquiries.

New buyer inquiries dropped for the 18th month in a row, but the proportion of surveyors reporting falls eased to 51% more than those who saw a rise, compared with 69% more in April.

The number of people putting their home up for sale fell for the fifth month in a row, with 26% more surveyors seeing a drop off in new instructions than those who saw a rise, the second lowest figure since the question was first asked in 1999.

But the group said the lack of new instructions for property sales was providing the market with some support.

It added that there was also still no sign of distressed selling in the market, with few people forced to sell their home because they were unable to keep up with their mortgage or because the property had been repossessed.