14 May

RICS house price balance drops

RICS house price balance drops

According to the latest survey from the Royal Institution of Chartered Surveyors (RICS), 95.1 per cent more of its members reported a fall than a rise in house prices last month.

That makes April the ninth consecutive month in which the organisation's house price balance has dropped.

Chartered surveyors in East Anglia, the north and the north-west were unanimous in reporting that house prices were falling, while the net balance in Scotland turned negative for the first time in recent years.

Despite the fall in the house price balance, RICS is predicting that strong employment, low mortgage arrears and lack of supply will prevent a large decline.

Ian Perry, a spokesperson for the group, said: "Although most surveyors are now seeing price declines, the extent of the fall, is at this stage, quite modest. The real issue is the collapse in the number of housing transactions."

Yesterday the Council of Mortgage Lenders reported that the number of loans taken out for house purchases was down by one per cent in March from the previous month, to 46,500.
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