House prices across the country are falling at their fastest rate since 1992, according to the latest report from the Royal Institution of Chartered Surveyors (Rics).
The Rics housing market survey May 2005 claims the number of chartered surveyors reporting a decline in house prices is at its highest since November 1992 with 49% of respondents reporting falls in May. The upturn in buyer activity at the beginning of the year has petered out against the backdrop of a slowing economy even though the jobs market remains secure, say Rics. The report comes hot on the heels of figures from the Office of the Deputy Prime Minister (ODPM) released yesterday, confirming its view that house prices are in decline. The ODPM says the average house price dropped ...
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
