House-price inflation cooled for a fourth consecutive month in February as interest rate hikes continued to eat away at buyer affordability.

The Royal Institution of Chartered Surveyors said 24 per cent more of its members reported a rise in prices than a fall during the month, down from 28 per cent in January.

Figures show house-price growth has slackened to its slowest pace since last May last, with the pace of increase just above the long-run average of 21.6 per cent.

Supply conditions and a strong economy continue to support underlying house values, but interest rate hikes have begun to weigh heavily on buyer affordability, RICS said.

Almost 20 per cent more surveyors reported a fall over a rise in new-buyer inquiries during February.

Experts believe demand is likely to weaken further as January's base rate hike begins to take effect.

New instructions to sell property have gone nine months without a rise, figures showed - the longest stretch in seven years.

The stock of unsold properties has fallen to its lowest level since July, 2004.

Ian Perry, RICS spokesman, said: "The interest rate rises have started to worry would-be buyers with many concerned they will be unable to meet mortgage repayments.

"Affordability for many will continue to decrease in the coming months as the January rise, and further rises take effect.

"Bullish market conditions still prevail in the South-east, Scotland and Northern Ireland, but at the same time that prices have stagnated in the Midlands."

He added: "Market conditions remain tight but greater awareness of home information packs, in the run-up to their introduction, might push more property on to the market in the coming months, increasing choice for the short term."