House price growth has turned negative in August, with a sharp fall in demand, according to the Royal Institute of Chartered Surveyors (RICS).
RICS’ latest UK housing market survey found 1.8% more chartered surveyors reported a fall in house prices than those reporting a price rise, down from 10.8% reporting a rise in July. This is the first time the RICS survey has showed negative house price growth since October 2005. The survey shows the downward trend is most widespread in the West Midlands, North West and East Anglia, but London has seen little effect and continues to show strong growth. Demand for homes continued to decline in August, with new buyer enquiries falling for the ninth successive month. Overall, 37% more charte...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
