Menu
15/04/2008
House Prices Drop To Lowest Levels In 30 Years
House prices are falling to their worst levels in 30 years with a record number of chartered surveyors reporting a drop in the cost of property during March.
A report published by the Royal Institute of Chartered Surveyors (RICS) showed 78.5% more surveyors said the value of property had dropped, than those who reported a rise.
The figure is considerably higher than the 65.7% more surveyors who reported price falls in February, which itself surpassed the historic high set in June 1990 to be the worst figure since the survey began in 1978.
RICS spokesman Jeremy Leaf said: "The slowdown in prices is directly attributable to a lack of available finance which has hit demand. However, until new supply increases dramatically a significant crash remains unlikely."
Surveyors reported that prices fell at a faster pace than during the previous month in all regions of England and Wales, except for Yorkshire and Humberside.
Scotland remains the only area of the UK that is still seeing house price rises, with just 4% more surveyors saying values are still going up there than those who think they are falling, compared with 10% more in February. But the group stressed that a shortage of homes being put up for sale should prevent a 1990s-style house price crash.
RICS said the fact that recent interest rate cuts were not being passed on to new borrowers suggested demand was unlikely to improve soon.
(CD/JM)
A report published by the Royal Institute of Chartered Surveyors (RICS) showed 78.5% more surveyors said the value of property had dropped, than those who reported a rise.
The figure is considerably higher than the 65.7% more surveyors who reported price falls in February, which itself surpassed the historic high set in June 1990 to be the worst figure since the survey began in 1978.
RICS spokesman Jeremy Leaf said: "The slowdown in prices is directly attributable to a lack of available finance which has hit demand. However, until new supply increases dramatically a significant crash remains unlikely."
Surveyors reported that prices fell at a faster pace than during the previous month in all regions of England and Wales, except for Yorkshire and Humberside.
Scotland remains the only area of the UK that is still seeing house price rises, with just 4% more surveyors saying values are still going up there than those who think they are falling, compared with 10% more in February. But the group stressed that a shortage of homes being put up for sale should prevent a 1990s-style house price crash.
RICS said the fact that recent interest rate cuts were not being passed on to new borrowers suggested demand was unlikely to improve soon.
(CD/JM)
Related UK National News Stories
Click here for the latest headlines.
13 October 2009
House Prices Begin To Rise
A lack of supply is still underpinning the house price recovery, says the Royal Institute of Chartered Surveyors (RICS) September housing market survey. Significantly, the headline RICS house price balance recorded the highest figure since the onset of the credit crunch.
House Prices Begin To Rise
A lack of supply is still underpinning the house price recovery, says the Royal Institute of Chartered Surveyors (RICS) September housing market survey. Significantly, the headline RICS house price balance recorded the highest figure since the onset of the credit crunch.
14 December 2010
Surveyors Report House Prices Falling
House prices slipped further in November, according to the latest RICS UK Housing Market survey. Some 44% more chartered surveyors reported prices fell rather than rose in November, a slight improvement on October's net balance of -49.
Surveyors Report House Prices Falling
House prices slipped further in November, according to the latest RICS UK Housing Market survey. Some 44% more chartered surveyors reported prices fell rather than rose in November, a slight improvement on October's net balance of -49.
10 August 2010
Survey Shows House Price Drop
House prices are starting to fall, according to the latest research from the Royal Institution of Chartered Surveyors (Rics). The survey found that eight per cent of surveyors reported a fall, rather than a rise in house prices - the lowest reading since last July.
Survey Shows House Price Drop
House prices are starting to fall, according to the latest research from the Royal Institution of Chartered Surveyors (Rics). The survey found that eight per cent of surveyors reported a fall, rather than a rise in house prices - the lowest reading since last July.
12 October 2010
UK Inflation Remains At Current Rate
According to the Office for National Statistics (ONS), UK Consumer Prices Index (CPI) inflation remained unchanged at 3.1% in September. Including a higher proportion of housing costs, the Retail Prices Index (RPI), fell back slightly to 4.6%.
UK Inflation Remains At Current Rate
According to the Office for National Statistics (ONS), UK Consumer Prices Index (CPI) inflation remained unchanged at 3.1% in September. Including a higher proportion of housing costs, the Retail Prices Index (RPI), fell back slightly to 4.6%.
07 September 2005
Halifax reports house prices rise
House prices rose by 1.6% in August, the UK’s biggest mortgage lender, has reported. However, the Halifax warned that the rise could be temporary, boosted by the recent interest rates cuts by the Bank of England. The price rise in August followed a modest 0.4% increase in July and was the biggest monthly rise since September 2004.
Halifax reports house prices rise
House prices rose by 1.6% in August, the UK’s biggest mortgage lender, has reported. However, the Halifax warned that the rise could be temporary, boosted by the recent interest rates cuts by the Bank of England. The price rise in August followed a modest 0.4% increase in July and was the biggest monthly rise since September 2004.
-
Northern Ireland WeatherThis Evening and Tonight:A dry evening with late sunny spells and some long clear spells overnight. Becoming cloudier across the north towards dawn with a few showers possible. Touch of frost in south. Minimum temperature 0 °C.
