House prices fall for fourth month
House prices have fallen for a fourth month in a row, according to the latest survey from the Royal Institution of Chartered Surveyors (RICS).
Of the Chartered Surveyors questioned, 40.6% more reported a fall in prices rather than a rise in the three months to November, compared with 23.4% October.
The figures are the most negative since May 2005 when 49% more Chartered Surveyors reported a fall than a rise.
Surveyors said that a sustained weakness in demand, combined with loosening supply conditions was resulting in a greater stock of property on surveyor’s books, with stock of unsold property rising 8.7%.
RICS spokesman Jeremy Leaf commented: “It is clear that the housing market continues to feel the strain of depressed market conditions.
“The recent credit crunch continues to hit confidence in the market, with Chartered Surveyors feeling the most pessimistic about price expectations since 1998.
“However, while underlying economic fundamentals remain sound and the labour market remains strong, large falls in prices remain unlikely.
“Employment would have to fall sharply before enough supply entered the market to create a significant dip.”