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UK House Price Declines Gather Pace As Surveyors Report Falling Prices

Housing-Market / UK Housing Nov 13, 2007 - 01:52 AM GMT

By: Sarah_Jones

Housing-Market The Royal Institution of Chartered Surveyors (RICS) Survey today revealed that 22.2% more surveyors are reporting house price drops, compared with 14.9% in September. This was worse than market expectations of a minus 20% reading accompanied by a surge in stock on estate agent books of 8.8%.


RICS spokesman Ian Perry stated: "The housing market is seeing the awaited slowdown that many had been expecting, with modest falls reported across most U.K. regions,

" A decline in transactions may be in the offing as stalemate returns to the market."

"Past interest rate increases combined with a tightening in mortgage lending conditions have prevented many would-be buyers from getting on the housing ladder."

"Those on the property ladder remain under little pressure to sell while the economy remains fundamentally sound. The supply side of the market remains tight and continues to provide some support,"

This survey follows hard on the heals of Halifax's monthly house price index report which showed back to back house price drops for October and September of 0.5%.

The news supports the Market Oracle analysis that the housing market is heading for a bear market lasting at least 2 years with a target drop of 15%

UK Housing Market Forecast for 2008-09 - As of 22nd August 2007
UK House Prices to fall by 15% over two years, falling prices to be accompanied by cuts in UK interest rates. (22nd Aug 07),
1st May 07 - UK Housing Market Heading for a Property Crash
25th Sep 07 - UK Housing Market on Brink of Price Crash - Media Lessons from 1989!
28th Oct 07 - UK House Prices - Primary Reasons For a Sharp Fall

 

By Sarah Jones
(c) Marketoracle.co.uk 2005-07. All rights reserved.

The Market Oracle is a FREE Daily Financial Markets Forecasting & Analysis online publication. We present in-depth analysis from over 100 experienced analysts on a range of views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

Sarah Jones Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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