Houses Prices Falling at Fastest Rates Since the 1990s
RICs today reported that house prices are falling at their fatest rates since the 90s. 49% more surveyors saw prices falls in December than reported a rise, their most pessimistic figure since November 1992.December was the 5th consecutive month of falling prices according to RICS. Demand for property is still weak, with 25% more surveyors reporting a fall in demand than reporting an increase. Surveyor confidence in the market has also fallen for sales and prices to the level lowest since these reports originated in 1998.
The stock of unsold property held by surveyors increased by 7.1% following a 9.1% jump in November and a 10.3% gain in October.
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