House prices 'continue to fall'

12/08/2008

Many homeowners are facing an increasing risk of falling into negative equity, according to new analysis from the Royal Institution of Chartered Surveyors (Rics).

The firm's new house price survey found that 84 per cent more of its members had detected a decline in the market over the past month, compared with those who had found price rises.

Further evidence of the general housing market slowdown was found in sales ratios: an average of just 14.4 homes were sold per surveyor over the month, the lowest total on record.

By way of comparison, 23.9 properties were being sold per month at the beginning of this year - and this total stood at around 32 while the property market was still booming in 2004.

Rics members were downbeat in their assessments of the housing market.

Peter Hayward, based in Carlisle, commented: "Sales are still very scarce. Buyers are confused, but some are having to move forward to take account of life changes.

"Realism is the key…prices are under pressure where deals can progress."

Tags; Housing Debt and Bills,

Regional Debt Advice; Debt Advice Carlisle,

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