House price falls continue according to RICS

House prices continued to fall marginally in March, according to the latest monthly survey of surveyors by the RICS

It found that 23% more surveyors reported price falls than rises in the month, a lsight improvement on the -26% score from February. However the vast majority of these surveyors said the falls were between 0-2%.

London and Scotland were the only exceptions to the trend, with prices seen to be rising in the capital and flat north of the border.

The score comes amidst increasing signs of a general slowdown in the market, with fewer homes on estates agent’s books, down to an average of 65 from 68 last month, and the fewest number of transactions reported since June 2009.

New buyer enquiries also slipped, with the balance of surveyors moving from -1% to -4%.

Ian Perry, RICS housing spokesperson, said: “The rather negative outlook for property prices across the UK seems to better reflect the general economy than the micro climate of London. The low level of buyer interest in many parts of the UK continues to impact on the market, resulting in some downward pressure on prices. With the prospect of forthcoming interest rate rises and continued shortage of mortgage funding, it seems that overall recovery for the national housing market is still some way off.”