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UK House Prices Situation at 19 10 2007: No change/falling prices in most areas
UK House Prices Forecast: Widespread but slow reductions in prices
Surveyors Report Falling Prices - RICS
New figures from RICS (Royal Institution of Chartered Surveyors) show that falling house prices are becoming more widespread. 14.6% more surveyors reported a fall in prices than an increase in September - up from just 3.3% in August.
The number of new buyer enquiries continued to fall for the 10th consecutive month although most members still reported fairly tight supply, with the sales-to-stock ratio remaining fairly stable.
Commenting on the results of the survey, RICS spokesman Jeremy Leaf said that although the market had been affected by recent events, "a major correction in the market seems unlikely while economic growth is above trend and employment conditions remain buoyant."
RICS economist Oliver Gilmartin also commented on the 22% increase in properties sold at auction seen in the first quarter of this year, saying that he believed repossessions were responsible for this increase. RICS forecast that repossessions could reach 124 per day in 2008.
Incentive to Put Empty Properties on Market
In his pre-budget report, Chancellor Alistair Darling announced measures to encourage the renovation and resale of empty homes - there are 290,000 homes that have been empty for more than six months in England alone.
The 5% VAT rate currently applicable to work performed on homes that have been empty for three years is being extended to properties that have been empty for two years or more.
Price Falls Forecast
Economic consultancy Capital Economics has forecast an average 3% fall in house prices in both 2008 and 2009.
Economist Ed Stansfield, who wrote the report, believes that changes to lending conditions resulting from the credit crunch will make it harder for many people to borrow money - resulting in an inevitable downwards pressure on house prices as people become unable to afford the mortgage loans they were previously able to access.
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