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Rics: Tight supply preventing large house price falls

Rics: Tight supply preventing large house price falls

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Large falls in house prices are being prevented by a limited supply of properties, the Royal Institution of Chartered Surveyors (Rics) has said.

The body has released its house price balance report stating that values have dropped for the ninth month in a row.

According to the poll of chartered surveyors, 95.1 per cent believe house prices are falling, compared to 79.4 per cent in March.

However, Rics spokesperson Ian Perry said that the "real problem" in the property market is the number of failed house transactions, adding that house price falls have been fairly small.

"Although most surveyors are now seeing price declines, the extent of the fall, is at this stage, quite modest," he remarked.

Yesterday, the Council of Mortgage Lenders revealed that the number of mortgages taken out for house purchasing dropped over the month of March.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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