15 Jul

RICS survey shows small house price improvement in June

RICS survey shows small house price improvement in June

The latest Royal Institution of Chartered Surveyors (RICS) housing market report has found that the property price balance improved slightly in June, but remained depressed.

According to its survey, 88 per cent more chartered surveyors reported a fall than a rise in house prices, which is down from 92.2 per cent in April.

The average number of transactions per surveyor is now at its lowest level since the survey began, standing at 15.3 for the last three months. RICS suggested that this is down to the inability of borrowers to secure mortgage finance.

It also noted that the house price picture is regional, with surveyors in the west Midlands unanimous that house prices are falling.

Striking a positive note, RICS spokesperson Jeremy Leaf said: "With demand so low, would-be buyers are negotiating from a position of strength. Even in a weak market there are always opportunities for investors and buyers to profit and some are starting to circle for bargains."

Last week, the National Association of Estate Agents adopted a similar position, arguing that many buyers are in a strong position because of both falling demand and house prices.

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