Rics sees first house price fall in one year

By Jonathan Dawes, Wed 11 Aug 2010 - Published in Mortgages

House prices have fallen for the first time since July 2009, according to new figures from the Royal Institution of Chartered Surveyors (Rics).

The latest Rics UK Housing Market survey showed that eight per cent more of surveyors saw house prices fall rather than rise during July.

A fall in demand from buyers and the increasing number of properties coming on to the market were the main factors behind the price drops, the group claimed.

The research showed that prices decreased in all regions of the UK, apart from London and the north-west.

Rics spokesperson Ian Perry commented: "The fall in the Rics house price measure is broadly consistent with most other recent data that has been released."

He also predicted that this "softer trend" will be maintained throughout the second half of 2010, but claimed many agents are showing optimism that sales activity will be spurred by the more realistic pricing in the market.

Last month, Savills director Lucian Cook said that house values will continue to fall over the rest of the year and forecast drops of up to six per cent.

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