House price falls ‘are spreading’
The number of UK surveyors reporting falls in property prices has risen for the ninth month in a row.
In the latest survey from the Royal Institution of Chartered Surveyors (Rics), 95.1% more surveyors saw house prices fall than rise in April.
That figure is up from 79.4% in March, with all surveyors in East Anglia, and the North and North West of England, reporting price falls.
There has also been a continued fall in enquiries from prospective buyers.
The number of house sales being completed over the last 3 months has fallen significantly said Rics, with an average of just 18 sales per surveyor
Halifax confirms house price fall
UK house prices saw an annual fall of 0.9% in April, says the UK’s biggest mortgage lender.
The Halifax also said that prices dropped by 1.3% in April compared with the previous month, pushing the price of the average home down to £189,027.
The lender said it now expected a “mid-single-digit” percentage decline in prices in 2008.
But it expects bigger falls in Wales and the West Midlands, with Scotland bucking the trend with a modest rise.