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House Prices Will Drop in February

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House Prices Will Drop in February

House Prices Will Drop in February

A MAJORITY of surveyors in Wales believe house prices dropped during February and the number of new sales also fell over the month.

The percentage of surveyors reporting house price falls was 58%, one of the highest rates across the UK according to the Royal Institution of Chartered Surveyors (RICS).

There were also falls in the number of new sales agreed in Wales, the East of England, and the East Midlands, with surveyors continuing to report a lack of buyer confidence.

Across the UK the property market showed signs of improving last month but prospects for house prices in the south of the country appear far stronger than in northern regions and Wales.

Nationally the number of surveyors reporting house price falls dropped for the fourth consecutive month to a balance of 26% – the lowest level since July last year, 12% of respondents said house prices actually rose in February, while more than half said they were unchanged.

Among surveyors who did see price falls, the majority said they were in the 0% to 2% range. But there are strong regional variations in the market.

RICS housing spokesman Jeremy Leaf said: “Despite the more positive picture for some parts of the UK, the general mood is still a little flat. “Broad trends in the survey indicate an increasing variation in the housing market across the UK, with London – and to a lesser extent the South East – operating in a very different orbit. “Rather ominously, we have probably yet to feel the full impact of the public spending cuts, which are likely to lead to further divergence in the regional property market.”