House price slip further but bottom is close

House price slip further but bottom is close

Tuesday, July 22, 2003

The Royal Institution of Chartered Surveyors (RICS) says that prices in southern England are levelling off after five successive monthly falls, helped by an increase in new buyers. In the north, the buoyant market is slowing down.

During June, only 12% more chartered surveyors in England and Wales reported seeing house price falls than those who said there had been rises, down from 26% in May.

More houses are up for sale, but fewer of them are selling than at anytime in the past two and a half years. The number of unsold properties on estate agents' books last month was up 34% on June last year, while sales were down 22%.

However, the survey said the number of buyers was on the increase and the gap between pessimistic and optimistic surveyors was narrowing. A net balance of five percent believe house prices will fall over the next three months as against 17% in May and 48% in March.

Confidence in sales prospects also rose. A net balance of 28 percent of surveyors expected activity to pick up over the next three months, up from 12 percent in May.

"Surveyors are still feeling confident of a rebound in the market based on low interest rates and a steady labour market," said RICS spokesman Ian Perry.

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