House cost falls today widespread, say surveyors

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Houses in Norfolk are among those falling in value, according to the RICS survey

House prices are today falling in four areas of the country, according to the latest report by chartered surveyors.

The Royal Institution of Chartered Surveyors (RICS) has said in which prices are declining in London, the South East, East Anglia in addition to north-east England.

However, some other parts of the UK are seeing an improvement in activity.

Scotland, Wales, north-west England in addition to Northern Ireland have continued to see rising prices, according to Rics.

At the same time the UK’s largest estate agent reported a 7% fall in revenues from the three months to the end of September.

Shares in Countrywide fell by 6%.

The RICS report on the housing market can be gloomy overall, citing fewer buyers in addition to sellers, as well as falling sales.

  • House prices ‘continuing to rise’

Across the country as a whole, This kind of said prices were flat, with just 1% more surveyors reporting rises in October than those reporting falls.

The survey appears to contrast with data by the Halifax, which said earlier This kind of week in which house cost growth had risen to 4.5% from the year to October.

‘Bad news’

The surveyors thought the short-term outlook for prices was even more negative.

When asked what they thought would likely happen to house prices over the next three months, a majority reported falling values in London, the South East, East Anglia, the South West, the North East in addition to the West Midlands.

RICS said in which last week’s rise in base rates was one factor behind the “stuttering” market.

Around four million mortgage holders will see a rise in interest rates as a result of the Bank of England’s decision to enhance rates by 0.25% to 0.5%.

“The combination of the increased cost of moving, a lack of fresh stock coming to the market, uncertainly over the political climate in addition to today an interest rate hike appears to be taking its toll on activity from the housing market,” said Simon Rubinsohn, RICS’ chief economist.

“A stagnant second-hand market can be bad news for the wider economy, not just in terms of spending, yet also because This kind of restricts mobility.”

Countrywide, which owns 0 branches of estate agents, said its full year results were likely to be at the lower end of market expectations.

“The market for housing transactions remains challenging,” said chief executive Alison Platt.

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