Surveyors Predict Fall in House Prices

About 38% of the surveyors expect further dip in house prices during the next three months. The survey was done by the Royal Institution of Chartered Surveyors (RICS) amongst 259 professionals across UK.

According to them the reasons for fall in house prices were mainly due to the return of more sellers to the market and less interest from buyers to buy the property.

Mr. Jeremy Leaf, RICS spokesman expected that the fall in prices would actually bring more sales. He said that the uncertainty hanging over the economy, low interest rates and reduction in new house building all indicate a mixed trend in the housing sector.

The house prices fell by 0.3% in July compared with the previous month, a recent survey done by the department of communities and local government, UK revealed. There was slowdown in annual price inflation which stood at 8.4% in July.

The regional differences in house prices were also apparent in UK which showed a higher price in London, South West, and South East. In England, the average house price was £220,240, in Scotland it was £170,782 while in Wales it reduced to £147,770 and in Northern Ireland it showed a further dip to £147,770.

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