More new instructions than buyers are coming to the market, says the RICS, creating new downward pressure on prices.
This week’s RICS survey suggests that the balance in the market is on the change. It says that the difference between the number of RICS estate agents reporting house price rises and those who say prices have fallen has shrunk sharply since the start of the year.
RICS spokesperson Jeremy Leaf said: “New supply coming on to the market is starting to outstrip fresh demand.”
The RICS also said the balance of its estate agency members expecting prices to rise has fallen to the lowest level since last summer.
Howard Archer, chief UK economist at IHS Global Insight, said: “The RICS survey reinforces our long-held belief that house prices will be prone to corrections in 2010 and will probably be no better than flat over the year.
“House prices have been lifted appreciably by a shortage of properties for sale, but the RICS survey suggests that this prop is beginning to crumble.”
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Comments
I think you mean CONNELS
not CONEELS (GREAT NAME BY THE WAY) slippery squirmy.
Just had another vendor not be able to use me to sell her house because coneels have tied into a rip off£500 quid hip pack if she leaves them....is this a case for trading standards yet??