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Britain’s house prices are falling at their fastest rate since July 2005 with further slowdown expected, a survey has found.
Research from the Royal Institution of Chartered Surveyors (Rics) revealed that house prices have fallen in every region of the UK except for London, in news that could potentially have a knock on effect on the commercial propertymarket.
Inquiries from potential buyers have fallen for their eleventh consecutive month as more homeowners were found to be reluctant to sell up.
Some 22 per cent more chartered surveyors reported a fall in house prices after analysts had forecast a reading of 20 per cent.
Surveyors also recorded their lowest level of confidence in the market’s price outlook since April 2003.
The average cost of a home in the UK currently stands at £220,111, according to figures from the Department of Communities and Local Government
Mortgage lending for home purchases has fallen to £12.7 billion during the six months up to September 30th compared to £13.9 billion during the same period last, according to the latest Council of Mortgage Lenders statistics.