House prices slip further to mark a year of decline

UK house prices slipped further in July – with only London bucking the trend with increased sales figures.

According to today’s Royal Institution of Chartered Surveyors’ UK housing market survey, 22 per cent more chartered surveyors reported a fall in prices than a rise in July, an improvement on June’s net balance of -26. Figures have remained negative for over a year.

Surveyors reported a seven per cent fall in new houses coming on the market, with vendors reluctant to enter the market and accept lower prices.

London recorded the strongest level of new buyer enquiries, outperforming the rest of the UK. It was the only region to report a positive net balance for house prices.

The West Midlands, East Anglia and Yorkshire and Humberside recorded the most severe price falls.