Rics: Housing market continues downward trend
www.moneynews.co.uk > Housing market > Rics: Housing market continues downward trend
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Money News |
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Rics: Housing market continues downward trend
Wed 13th Feb 2008
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The percentage of chartered surveyors identifying a drop in house price rose last month to 54.7, up from 49.1 per cent in December.
Rics announced that this was the sixth consecutive month that its house price balance had dropped, saying that this signalled "half a year of negative market sentiment".
Only Scotland has escaped the downturn, with house price rises there edging up from three per cent to seven per cent.
It is not just housing prices that are in trouble either - Rics reports that new buyer enquiries have also fallen since December.
The institute puts the subdued demand down to the fallout from the credit crunch, which has caused banks to tighten their mortgage lending criteria.
A spokesman for Rics, Jeremy Leaf, said that "lack of demand and confidence in the housing market is clearly behind the recent price slowdown," but he added that the recent interest rate cut and strong employment conditions should keep the housing market fairly stable.
The group noted last week that Scotland is avoiding the housing market slump that is affecting the rest of the country and is now "outperforming London in construction and commercial property".
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