| Current
UK House Prices Situation: Generally stagnant - little
definite movement
UK
House Prices Forecast: Falling prices nationwide - no
growth in 2008
RICS
Reports Worst Survey Results Since 1990
RICS,
the Royal Institution of Chartered Surveyors, this week
published its most recent survey of its members - surveyors
and estate agents.
Of
those questioned, 64.1% more reported a fall in house
prices than an increase - a worsening from the January
figure of 54.8%.
The
number of unsold properties on estate agents' books also
jumped - up 8.5% from January. This is the fifth consecutive
month when this figure has been above 8% - unsold stock
is now up nearly 50% from a year ago.
Commenting
on the figures in The Guardian, Michael Saunders of Citigroup
said that these results were "very soft indeed"
and that he believes that "the further adverse effects
of rising repossessions, weakening job growth and then
probably a rise in unemployment still lie ahead."
RICS'
monthly survey is considered to provide an accurate forward
indicator of what's happening in the housing market -
as data can be collected about sales which have been agreed
but not yet completed.
FT
House Price Index Reports Monthly Gain but Drop in Annual
Rate
The
latest edition of the Financial Times House Price Index,
covering the month of February, was also published this
week. It manages to record an increase in average prices
of 0.2% in February, with the annual rate falling from
January's 6.8% to 6.1%.
However,
a look at regional data soon highlights the stagnation
and falling prices that are the reality in most areas
of England and Wales. Of the 10 regions covered by the
survey, 6 out of 10 showed no increase or a fall in average
prices in February.
Only
the north-west, south-west, south-east and Greater London
managed small increases.
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