A study by the Institute of Chartered Surveyors (Rics) has said that UK house prices are falling for the first time since July 2009. The report said this was because more and more houses were being put up for sale while potential buyer’s numbers had fallen for two consecutive months. Rics also added that buyers were finding it hard to get a mortgage, while others were putting off their plans for fears of unemployment.
Rics spokesman Ian Perry said, “The fall in the Rics house price measure is broadly consistent with most other recent data that has been released,” and added, “However, agents are still generally optimistic about sales activity, which should benefit from more realistic pricing of properties.”
64% of those surveyed said that they had not seen any change in local house prices for the last three months, whereas 25% had seen house prices drop with 11% saying that prices had risen. 28% of the surveyors questioned expected house prices to fall over the next few months.
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