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UK house prices see sharpest decline
By Christina Fincher |
November 10, 2010, Wednesday
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Print Edition
Print Edition
BRITISH house prices fell last month at their sharpest pace in a year-and-a-half as a lack of mortgage finance and an uncertain economic outlook deterred potential buyers, a survey indicated yesterday.
The Royal Institution of Chartered Surveyors' house price index dropped to -49 in the three months to October, below even the most pessimistic forecast in a Reuters poll, from -36 in the three months to September.
New buyer enquiries dropped for the fifth consecutive month, more than offsetting a drop in the amount of new property coming onto the market.
"With both supply and demand falling, transaction activity is set to remain at relatively flat levels for the foreseeable future," said RICS spokesman Jeremy Leaf.
British house prices dropped around 20 percent between late 2007 and early 2009 before recouping around half their losses over the following 12 months.
Since early this summer there has been renewed weakness, with mortgage approvals and consumer confidence both declining.
The Royal Institution of Chartered Surveyors' house price index dropped to -49 in the three months to October, below even the most pessimistic forecast in a Reuters poll, from -36 in the three months to September.
New buyer enquiries dropped for the fifth consecutive month, more than offsetting a drop in the amount of new property coming onto the market.
"With both supply and demand falling, transaction activity is set to remain at relatively flat levels for the foreseeable future," said RICS spokesman Jeremy Leaf.
British house prices dropped around 20 percent between late 2007 and early 2009 before recouping around half their losses over the following 12 months.
Since early this summer there has been renewed weakness, with mortgage approvals and consumer confidence both declining.
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