House prices becoming unstable
The Royal Institution of Chartered Surveyors has reported that the current boom in house prices the UK is witnessing will come to an end. Their statement comes after the recent stall in the rise, the reason for which is the vast amount of new property that has found its way onto the market has caused estate agents to reduce the asking price for an increased chance of sale.
February saw another rise in house prices across the UK with 31% of RICS members reporting a rise, while only 8% reported a fall. However when compared to the amount of sales reported in the industry the figures do not seem as positive. The average surveyor is reporting an average sales mount of just 2 properties a week.
When you combing these figure with an increased number of property on the market you see a stall in the price increase. The recent media surrounding the rise in house prices has lead to a increased number of people looking to take advantage of the rise and sell their properties. This has lead to an overwhelming number of new properties on the market, but with a lack of potential buyers its leading to a property dead end.
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March 12th 2010