House prices are now falling at their steepest rate for nine years, suggests the latest RICS housing market survey.
Admittedly, the Royal Institution of Chartered Surveyors is slightly different to most house price surveys, as it analyses the comments of chartered surveyors rather than house prices in specific areas.
That said, its latest three-month survey reveals house prices are either the same or down in most areas for the second consecutive month in a row.
The number of available properties on the market has risen to its highest level for over a year and around 42% of the RICS members questioned say house prices have fallen rather than risen, while 52% say prices have remained the same and just 6% of surveyors have seen house prices rise.
House price sales are said to have fallen by 11% over the last three months, and only Scotland was able to show price rises in September.
Some of the last areas to see significant house price gains areas now beginning to feel the pinch, including Northern England, the Midlands and Wales, as housing activity has remained strong until now but is now stagnating, says RICS research.
At the same time, the drop in house prices in London and the South East is now not as bad as previously recorded over the summer months.
Surveyors are predicting a period of stagnation over coming months as sales of housing stock will level out in reaction to the Bank of England’s base rate rises.IFAonline
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