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UK House Prices Situation at 16 22 2007: Slowing growth, some localised falls
UK House Prices Forecast: Continuing stagnation, some regional falls
RICS Reports Falling Sales
A new survey of estate agents and surveyors, published this week by the Royal Institution of Chartered Surveyors (RICS), has found that the number of newly-agreed sales in October was the lowest since records started in April 1999.
RICS also found that 22.2% more of its members are experiencing falling prices than rising prices, an observation in line with most of the major house price indices. The biggest price falls were recorded in East Anglia and the West Midlands, with only London escaping without falls.
The RICS survey results also suggested that sellers are starting to feel a greater urgency to sell - but are not yet willing to drop their prices. The number of properties on the market went up by 8.8% in October - but a record low number of agreed sales suggested that sellers are holding out for prices that buyers will not pay.
It will be interesting to see how the balance of power between buyers and sellers shifts in coming months; it seems likely that many sellers will be forced to lower their prices a little in order to attract serious buyers.
FT House Price Index Suggests Housing Market Peaked In June
The Financial Times has just published its House Price Index for October. Its findings reveal that the rate of house price inflation has fallen every month since June.
This would seem to suggest that the housing boom reached its peak in June and the market has been turning ever since then. The FT's annualised figure of house price inflation for October was 8.9% - down from 9.2% in September and 10.1% in June.
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