RICS Survey confirms house price fall
The recently released RICS survey has confirmed the widely reported fall in house prices in March. The survey reported that 78.5% of surveyors have noticed a decline in the house prices. However a lack of new supply has played a part in preventing an even more significant house price fall.
A number of potential buyers are either looking to move from their current homes or becoming more careful about their budgets due to uncertain economic conditions.
Since the official interest rate cuts are not being carried on to the high street there is little chance that demand will increase in the near future.
It is clear that price falls are being driven by the inability of many to secure or obtain a loan rather than an influx of supply into the market.
For people living in pricy areas such as Kensington, Muswell Hill and Wimbledon, this represents quite a serious problem. If they want to sell their houses now, they could risk losing money.