The number of UK surveyors reporting house price falls has grown for the 6th month in a row
The Royal Institution of Chartered Surveyors (Rics) says such a trend has not been seen since the housing recession of the early 1990s. Some 54.7% more surveyors reported a fall than a rise in house prices in January - up from 49.1% in December.
Rics spokesman Jeremy Leaf commented: "A lack of demand and confidence in the housing market is clearly behind the recent price slowdown. Tightening mortgage lending criteria is a block to many who are keen to take the housing market plunge. Agents are finding it difficult to market properties to an audience which has decided to watch the current economic theatre from the wings."
"If mortgage lenders filter the recent interest rate cuts into the market, demand should begin to increase. Strong employment conditions are shielding the housing market from significant price falls.
The stock of unsold property on surveyors' books increased by more than 10% in January and by in excess of 40% since September, the Rics figures showed. The average level of unsold property per surveyor was 85 - the highest figure since February 1999.
Source : Royal Institution of Chartered Surveyors
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