UK Money News
11th March 2008
Downturn in housing market hits 1990s levels
The UK housing market last month experienced the most pronounced downturn since the slump in the sector in the 1990s, a new report shows.
According to a poll of its members conducted by the Royal Institution of Chartered Surveyors (Rics), 64.1 per cent more of surveyors reported a fall in prices rather than a rise during February.
February's figure is close to the 64.5 per cent more Rics members who reported a rise rather than a fall at the peak of the last decade's slump in June 1990.
The gloom was further deepened by the news that the average Rics member had 92 unsold properties on their books at the end of the month - the highest level for ten years.
Meanwhile, new buyer enquires were also down 37 per cent.
Ian Perry, spokesman at Rics, said: "Confidence in the market is clearly having an effect on prices. A combination of a lack of available finance and weakening demand is causing a slow drop in capital values.
"While there is very little new supply coming onto the market, it is unlikely there will be significant price drops in the short term but the build up of unsold stocks will encourage buyers to negotiate lower asking prices."
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