A full decline in UK house prices has been registered by the Royal Institution for Chartered Surveyors for the first time in a year as house price activity dropped 11% in the three months to August.
A survey of RICS members indicates house prices will continue to fall, as the number of surveyors who say house prices are falling has increased by 12%, compared with a climb of 3% in July. Sales activity also fell by 11% in the quarter to August and surveyors have noticed a rise in the amount of unsold property on the market for the first time since May this year. Despite this, surveyors argue they do not anticipate a sharp drop in house prices albeit the research conducted by RICS is based on surveyors’ opinions rather than firm statistics. London, the South East and the Eastern ...
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