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House prices are set to decline by ten per cent over the next 12 months, a claim suggests.

While new buyer enquiries are at high levels, finding the funding to purchase a home is proving difficult for some, claims the Royal Institution of Chartered Surveyors (Rics).

Indeed, persuading people to part with their cash may be easier if a home has up-to-date refurbishments, such as a large modern kitchen which could be paid for with a loan.

Mortgage approvals are also 64 per cent lower than 12 months ago, Rics continues, meaning the government has to do more to boost secured lending to Britons.

"Lenders are likely to remain cautious in the near term in the absence of any guarantees on mortgage backed securities", comments Rics chief economist Simon Rubinsohn.

As such, taking out secured loans could be one way to boost the value of a property by carrying out home improvements, which may result in a higher selling price when the market bounces back.

The National Association of Estate Agents recently announced that the value of an average detached property currently stands at £287,922, down from £291,592 in October 2008.