House Price Down in July 2010

8% more members of the RICS are seeing price falls than those seeing price rises.  The RICS said a larger share of its members reported a fall in July.

London and the North West continue to see rises, according to the RICS.  It is stable in Scotland and the South West, but the rest of Britain is seeing falls.

As we have said in previous information and news, a majority of agents believe prices will fall over the coming months.

A spokesman for the RICS, Ian Perry said: ‘This is a reflection of both the increase in supply following the scrapping of HIPS and the more cautious stance from buyers.

Significantly, the forward looking price expectations numbers suggest that this softer trend will continue through the second half of the year.
 

‘However, agents are still generally optimistic about sales activity which should benefit from more realistic pricing of properties.’
 

Again, experts warn that the refusal of banks and building societies to offer affordable mortgages is seen as a major obstacle.