News article

House price decline easing, survey finds

House price decline easing, survey finds
//
The decline of house prices in England and Wales is beginning to slow, a new survey has revealed.

According to the Royal Institution of Chartered Surveyors (Rics) study, 59.9 per cent of industry participants reported a fall rather than a rise in house prices, down from 72.1 per cent in March.

And new enquires in the market increased for the sixth month in a row, with 41 per cent more chartered surveyors seeing a rise rather than a fall in queries from new buyers, a nine per cent rise on figures from the previous month.

However, Rics spokesperson Jeremy Leaf warned that the figures do not indicate a recovery, noting that they are only "tentative signs" that the market is beginning to pick up.

"Transactions remain at very low levels and we are unlikely to see significant improvement while money remains in short supply," he remarked.

Earlier this month, data from the Land Registry revealed that property values dropped nine per cent year-on-year in the opening quarter of 2009.ADNFCR-1681-ID-19164416-ADNFCR