10 Nov

Prices of houses for sale in UK fell in October, says report

Prices of houses for sale in UK fell in October, says report

More surveyors reported a drop in the cost of houses for sale in the UK in October 2010, compared with the previous month, a report has revealed.

The Royal Institute of Chartered Surveyors' (Rics) UK Housing Market Survey released yesterday (November 9th 2010) found that 49 per cent more surveyors reported a drop in house prices rather a rise in October.

In September, this figure was 36 per cent, indicating an increase in the number of houses that dropped in costs over the month.

Findings showed that houses for sale in the East Midlands and East Anglia declined the most in price, which is likely to come as good news to homebuyers looking to purchase properties in those areas.

Jeremy Leaf, a spokesman for Rics, said: "Agents may be cautious about what this could mean for house prices in the short term, but dramatic falls are likely to be limited by a gradual drying up of stock coming to the market."

Over the month, it was also found that the number of properties on surveyors' books also fell from an average of 69.1 to 67.2.

The previous UK Housing Market Survey revealed that 41 per cent more surveyors predicted property prices to fall rather than increase.ADNFCR-1222-ID-800227560-ADNFCR

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