Partner Article

House prices still falling

HOUSE prices continue to be dragged lower by a shortage of buyers, according to the Royal Institution of Chartered Surveyors (Rics).

Its latest monthly survey reports that more than half (55%) of its members who work as estate agents said prices fell locally in the past three months.

Only 4% said that prices were rising.

Rics said the continued pressure on house prices was due to caution by potential buyers and the continued rationing of mortgages by lenders.

“New buyer enquiries dropped for the fifth consecutive month as the housing market slowed further during October,” Rics said.

“Respondents to the survey report that the market is generally cautious, with many buyers signalling that they are going to wait until the spring to make a decision.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .