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mpc: 15 House prices had been more or less flat for the past three months, but had risen a little in January, according to both the lenders' measures. The preview of the Royal Institution of Chartered Surveyors survey showed that the sales-to-stock ratio had steadied and, according to the latest data, new-buyer enquiries were declining less rapidly and mortgage approvals had risen. The Bank's Agents had also reported tentative signs of improvement since the beginning of January. But the housing market was thin at this time of year, so prices would be more than usually sensitive to small changes in the balance of supply and demand.

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