[size=85:321a1ja6]BBC news 10 August 2010

House prices starting to fall, say surveyors

[size=85:321a1ja6]House prices are starting to fall, the Royal Institution of Chartered Surveyors (Rics) has said.

Most surveyors had seen no change in the past three months, but those seeing a fall in prices outnumbered those reporting a rise.

It was the first time since July last year that the monthly survey has detected a downturn.

Separate figures showed that growth in UK retail sales slowed sharply in July on fears about government cuts.

The British Retail Consortium said like-for-like sales, which strip out the impact of sales from new stores, rose by 0.5% in the month compared with a 1.2% rise in June.

"
After some months of stability within the retail sector, these data are a warning signal that things could be about to take a turn for the worse,"
said Neil Saunders at research group Verdict.

'Realistic pricing'

Rics said more homes were being put up for sale, while inquiries from new buyers had fallen for the second month.

Buyers were finding it hard to get a mortgage, while fear of unemployment was putting off others, Rics added.

"
The fall in the Rics house price measure [in July] is broadly consistent with most other recent data that has been released,"
said Rics spokesman Ian Perry.

"
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,"
he added.

Slowing down

The recent cooling of house prices has been confirmed by the government's own house price index, published by the Department for Communities and Local Government (DCLG).

It shows that seasonally adjusted average prices were unchanged across the UK in June. This cut the annual rate of increase to 9.9%, from 10.6% in May.

"
UK house prices rose by 0.8% in the quarter to June 2010 compared to an increase of 2.8% in the March quarter,"
the DCLG said.

In the past year, the DCLG figures show that all parts of the UK have seen prices increase, except for Northern Ireland where they have fallen by 8%.

London saw the biggest increases in that time, with values up by 15%.

Expectations 'negative'

The Rics survey was based on questions to only 242 surveyors around the UK, who also work as estate agents, but the Rics report has traditionally had its finger on the pulse of the property market.

While 64% of those surveyed had not seen any change in local house prices during the preceding three months, those who had seen rises - 11% - were outnumbered by the 25% who had seen prices drop.

Recent surveys from both the Halifax and the Nationwide have also shown that the upturn in house prices, which started in the spring of 2009, has been cooling off.

That rise had been driven largely by a shortage of homes being put up for sale, but now the balance of supply and demand has reversed.

Rics said its members expect the downward pressure on prices to continue.

"
Expectations for house price increases have also turned negative, with 28% more surveyors expecting prices to fall over the coming months,"
Rics said.

very interesting read. Thanks for info Admin

Oddy

well written admin thankyou for your work its very much appreciated.Afterall it wasnt done in 5 nins and you didnt Have to do it .Good to see someone making a self asserted effort for a change .These types of effort really show a dedicated interest towards your job.

Ah bless He is our little :Searching:slave

Oddy

Its a same that this is happening but I think it will be some while yet before we see anything positive thats going to be worth anything sorry this sounds negative but this is how I see the future for a while

Gimp wrote:

Its a same that this is happening but I think it will be some while yet before we see anything positive thats going to be worth anything sorry this sounds negative but this is how I see the future for a while

I agree but we are not helped by stupidly high air fares and airport charges putting off the very peoplewho now can go to near europe at half the price killing of tourism which is supposed to be the very backbone of the baltic coast..
Plain to see that the working bulgarians need wwhatever they can to make money.The knock on effect of all this of course will be less infrastructure and maintainace of what they havew already got.(and that aint much).Gee I could go on and on but the best thing I can do for my future is CUT AND RUN .
The sign is on the wall and plain to see now with petrol , fags,wheatproblem(bread up)and of course inflation and corruption will look after the rest of our pension .

It is not us oldies that we should feel sorry for. As like many other people of my age our houses are bought and are mortgage free. Its the younger generation that have to suffer the mistakes of their elders. As we did I suppose in our younger days. We were the victims of rationing after the world wars. Now our siblings are the victims of greed. We can also blame the so called PC brigade (Politicly Correct) giving handouts to all those so called people in need. These people are now so well off it has become the norm for them to stay on benefits as it has become so impossible to go to work for the same amount of money. Wrong, too right its wrong but that's exactly how it is I'm afraid.

It was always said that the best form of investment is to buy property. It still is. I'm not a tory but I like the stance on riding our society of the fraudsters. Thing is we all know someone that is making something but we all know as well that we do nothing about it.

The UK is much like BG in many ways, someone somewhere is making a packet. Here in BG its called the mafia in the UK its the benefit fraudsters.

Too add to the very accurate logical reasoning of tony I also add that it is my belief that we (so called oldies ) have turned out to be incorrect with our ideas of Giving our offsprings etc all the thibgs that we never had .good for somemaybe but bad for many as they now believe the rest of the wotld owes em a living instead of them earning their own respectand future .We know that NOT EVERYONE FITS ONE SIZE .BUT FACT AND HISTORY TELLS US THAT UNLESS WE ARE HUNGRY WE DONT TRY OUR BEST The easy way will do and this idea is well supported by *do gooders ).Hard to make an across the board judgementas there is millions of personal ideas on all points .Afraid we can only hope above hope that the future can be made better for our grandchildren ??????
OR AM I JUST A SILLY OLD DREAMER .

No your not a silly old dreamer

Can you remember the days when your father got home on pay day and walked in with sixpence worth of sweets We thought we had the world.

Basically the fact that house prices are falling means that there is less for the kids to get when we die But it is my intention that, that is all they get. I am a founder member of SKI (Spend the Kids Inheritance) club. Houses they can have but I want to spend the money. I spent many hours in the cold working my socks off to get it. Now I will enjoy it

HAHAHAHAAAHAHA
Man after me own hart bud.
Yea i remember the 6d of humbugs very well .and a dandy comic of a tuesday if i had been good [You must be registered and logged in to see this image.]
boy I couild go on all day about things like that .like me first house £1500 plus £100 interest deal done with the owner on the shake of a hand cos he knew me grandad and me father eh!!!!!!! Darent do that now [You must be registered and logged in to see this image.] deal was for 7 years and me and the wife sktimpt and saved and paid it iff in5.Boy was we proud.Hard days but good days .respect and good manners all round(or a swift clip round ya lug ,whichever oh well i had better get off before Mr Plod the Mod takes exception to me blog

No exception taken neilythere! this is what this forum is all about "
Real people"