House Prices Continue to Fall
The latest report from the Royal Institution of Chartered Surveyors (RICS) shows house prices continuing to fall.Its latest survey says UK house prices in September generally fell again, with more of its members reporting a fall in prices locally than an increase.
It said enquiries from new buyers had fallen for the tenth month in a row.
RICS blamed the downward trend on a combination of factors, such as higher interest rates and lenders tightening their lending criteria.
RICS said that the downturn seems to be severest in East Anglia, and the West and East Midlands, though prices are still going up in Scotland and London.
With enquiries from buyers still falling, it is getting more difficult for people to sell their houses - despite cutting asking prices, the average length of time to sell a house is increasing.
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