House prices falling, surveyors say
By Iain Martin | 10:11:03 | 11 March 2008
Nearly two thirds of chartered surveyors, close to a historic high set in 1990, saw house prices fall last month, a new survey has shown.
The number of surveyors who reported house price falls increased to 64.1% in February from 54.7% in January, almost reaching the 64.5% mark from June 1990, the Institution of Chartered Surveys reported.
Surveyors said enquiries from new buyers continued to fall, with many borrowers struggling to raise finance to buy. Of the around 400 Charted Surveyors polled 37% reported a fall in enquiries, down from 35% in January.
‘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,’ said Ian Perry, RICS spokesman.
Stocks of unsold property is building up on surveyors’ books, another sign of weak demand.
Unsold stock leapt by more than 8%, with each surveyor having an average of 92 properties on the books in February up from 84.7 homes in January.
Lies, Lies, Lies, House prices only ever go up, everyone knows that!
By Iain Martin | 10:11:03 | 11 March 2008
Nearly two thirds of chartered surveyors, close to a historic high set in 1990, saw house prices fall last month, a new survey has shown.
The number of surveyors who reported house price falls increased to 64.1% in February from 54.7% in January, almost reaching the 64.5% mark from June 1990, the Institution of Chartered Surveys reported.
Surveyors said enquiries from new buyers continued to fall, with many borrowers struggling to raise finance to buy. Of the around 400 Charted Surveyors polled 37% reported a fall in enquiries, down from 35% in January.
‘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,’ said Ian Perry, RICS spokesman.
Stocks of unsold property is building up on surveyors’ books, another sign of weak demand.
Unsold stock leapt by more than 8%, with each surveyor having an average of 92 properties on the books in February up from 84.7 homes in January.
Lies, Lies, Lies, House prices only ever go up, everyone knows that!
Comment