RICS: House price falls at 'near historic' levels

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RICS: House price falls at 'near historic' levels

Tue 11th Mar 2008

The latest UK housing market survey from the Royal Institution of Chartered Surveyors (Rics) has revealed that house prices fell at "near historical levels" last month, while stock piles of housing rose to a level not seen for the last ten years.

Its house price balance dropped for the seventh consecutive month, with 64.1 per cent more chartered surveyors reporting a fall than a rise.

That figure is close to the historical low of June 1990, when the country was heading into a recession.

Scottish homeowners on the other hand are seeing a different picture - the net balance of surveyors reporting price rises in Scotland jumped from seven to 25 per cent in February.

Buyer enquiries fell again last month, indicating continued weakening demand, with many would-be buyers struggling to raise the necessary funds or putting-off moving because of the current financial climate.

Ian Perry, Rics spokesman, said: "Confidence in the market is clearly having an effect on prices. A combination of a lack of available finance and weakening demand is causing a slow drop in capital values."

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