House prices fall for three months in a row

Aaron Morby 14 years ago
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House prices have continued to fall in September as buyers flee the market, according to surveyors.

The latest Royal Institution of Chartered Surveyors research showed a growing number of its members reported falling house prices for the third month in a row.

In September 44% of surveyor reported a fall, just 6% reported a rise and the remainder said that prices had been static.

Surveyors blamed the difficulty buyers faced in getting mortgage finance and more properties coming onto the market.

Figures from the Council of Mortgage Lenders showed that the number of mortgage loans given out by lenders for home purchases dropped by 8% in August.

The survey results also tally with mortgage lender Halifax, which reported the sharpest drop in house prices on record in September, and Nationwide, which has reported price falls in two of the last three months.

House prices dropped around 20% between late 2007 and early 2009 before recovering around half their losses over the following 12 months.

While there is a lack of buyers, increasing numbers of homeowners are testing the market ahead of further public spending cuts or a possible deterioration in the economy.

RICS reported that 22% more chartered surveyors reported a rise in new instructions in September, up from 12% in August.

Around the country East and West Midlands contained the highest proportion of surveyors reporting falling house prices over the past three months.

The North and Scotland stand at the other end of the scale, although the balance was still negative with more surveyors reporting a fall than a rise.

RICS spokesperson, Ian Perry said: “Many areas are reporting a correction rather than dramatic falls in prices and vendors who are prepared to be realistic with pricing are still able to achieve a sale.”

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