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.