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
UK inflation jumps to 3% in April
UK consumer inflation reached its highest level in 13 months driven by high food and fuel costs, according to the Office for National Statistics.
The Consumer Prices Index (CPI) hit 3% on an yearly basis in April, up from 2.5% in March, it said.
The monthly inflation rate was 0.8%, the biggest leap since May 2001. The Retail Prices Index hit 4.2% from 3.8%.
The inflation data would probably stop the Bank of England cutting interest rates in the near term, analysts said.
However, they added that the main drivers of price growth were fuel and food costs, which higher interest rates did little to control or rein in.