House prices to decline in 2011

<a href="http://www.cityam.com/house-prices";>HOUSE prices</a> will fall by two per cent next year, the Royal Institution of Chartered Surveyors (RICS) said today.

While house prices are projected to slip, a drop in supply to the market will stop prices tumbling further, it said.

And transactions are unlikely to pick up, with little more than 900,000 expected to take place in 2011.

Yet “repossessions will decline marginally,” and London and the south east will “continue to outperform” the rest of the UK, the report said.