lettings appletons on 13 Nov 2007 01:10 pm
House prices falling
The Royal Institution of Chartered Surveyors (RICS) claims that the housing market slow-down is becoming more apparent.The RICS UK housing market survey published in November suggests that prices in October fell for the third month consecutively. This is the fastest pace since July of 2005.
Most of the surveyed areas have indicated a slow-down since the summer and London seems to be the only exception.
This is yet the clearest sign of the widely forecasted house market slow-down so far and the recent troubles in the financial sector seems to be a big influence.
A combination of high prices and increased interest rates have finally reined in the housing market, with the unaffordability of homes, relative to average incomes, having risen to record levels.
Enquiries from new buyers also fell, for the 11th month in a row, as other factors came into play.
