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House prices expected to tumble

House prices expected to tumble

Category: Mortgages

Updated: 14/08/2012
First Published: 14/08/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

House prices are anticipated to fall rather than increase over the next few months, according to 23% of surveyors.

Figures released by the Royal Institution of Chartered Surveyors (RICS) revealed that many surveyors expect prices to decrease, prompting more realistic pricing from homeowners.

A large number of sellers inflate the asking price on their property, in the hope of achieving the best possible price on their property and boosting capital.

The report found that interest from house hunters had remained reasonably good during July, despite the poor weather. Tighter lending requirements from banks and building societies continues to restrict many potential borrowers, however, particularly first-time buyers.

House price falls are most likely to occur in West England, East Midlands, Yorkshire and Humberside.

Recent house price indexes from Nationwide Building Society and Halifax have reported decreases in average UK house prices.

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