RICS: Further falls in UK house prices is expected

ESTATE agents are predicting that house prices will fall even further, according to the September housing market survey from the Royal Institution of Chartered Surveyors (RICS), which is published today.

A growing supply of new properties acted as a drag on the current price balance with a net 36 per cent of estate agents reporting falling rather than rising prices. A net 41 per cent expect prices to fall even further.

RICS spokesperson Ian Perry said: “The fresh influx of property to the market combined with a lack of buyers remains the key problem affecting the sector.”

“Without sufficient demand property prices continue to slip back. However, many areas are reporting a correction rather than dramatic falls in prices. It’s very much a buyers’ market at the moment,” he added.