First property price fall for a year |
For the first time since July last year, more surveyors report that they have seen prices fall in the last three months, than those who have seen prices rise – although the majority say that they haven’t seen any movements in prices.
The Royal Institution of Chartered Surveyors (RICS) say that the fall is due to more people putting their property on the market, while there are fewer inquiries due to people finding it difficult to obtain mortgages, and some people being put off by a fear of unemployment.
RICS spokesman Ian Perry said “Significantly, the forward-looking price expectations numbers suggest that this softer trend will continue through the second half of the year.
The Department for Communities and Local Government’s house price index also reflects the fall in property prices. It shows the annual rate of increase fall to 9.9% in June, from 10.6% in May.
What do people feel about this? Are you glad that the property you have your eyes on, isn?t getting more expensive? Or are you more concerned about the value of your own property? Leave a comment to share your views.
