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| More reports of house price falls | More reports of house price falls |
| (about 2 hours later) | |
| The number of UK surveyors reporting falls in property prices has risen for the ninth month in a row. | The number of UK surveyors reporting falls in property prices has risen for the ninth month in a row. |
| In the latest survey from the Royal Institution of Chartered Surveyors (RICS), 95.1% more surveyors saw house prices fall than rise in April. | |
| That figure is up from 79.4% in March. In East Anglia, and the North and North West of England, surveyors said unanimously that prices had fallen. | That figure is up from 79.4% in March. In East Anglia, and the North and North West of England, surveyors said unanimously that prices had fallen. |
| The number of properties waiting to be sold also fell slightly in April. | The number of properties waiting to be sold also fell slightly in April. |
| The average ratio of completed sales to unsold stock fell to 21.1% from 24.6% in March. | The average ratio of completed sales to unsold stock fell to 21.1% from 24.6% in March. |
| Until now, Scotland has bucked the trend elsewhere in the UK, with more surveyors seeing prices rise than fall. | Until now, Scotland has bucked the trend elsewhere in the UK, with more surveyors seeing prices rise than fall. |
| But last month, the house price "balance" in Scotland also turned negative. | But last month, the house price "balance" in Scotland also turned negative. |
| Fewer transactions | Fewer transactions |
| The survey also found that 68% more surveyors noted a fall rather than a rise in new buyer enquiries, up from 51% in January. | The survey also found that 68% more surveyors noted a fall rather than a rise in new buyer enquiries, up from 51% in January. |
| Spokesman for RICS Ian Perry said: "The real issue is the collapse in the number of housing transactions. | |
| "This has very real implications, not just for the property industry but also the high street and the wider economy." | "This has very real implications, not just for the property industry but also the high street and the wider economy." |
| But Mr Perry said the scale of house price falls was still "relatively small compared to past downturns". | But Mr Perry said the scale of house price falls was still "relatively small compared to past downturns". |
| "The lack of new instructions to sell property continues to provide a crutch to the market," he said. | "The lack of new instructions to sell property continues to provide a crutch to the market," he said. |
| "Large numbers of distress sales - either repossessions or sales from those attempting to avoid the repossession process - have not yet appeared in the market place and, while mortgage arrears remain low and the employment situation remains strong, the lack of supply will continue to prevent large declines." | "Large numbers of distress sales - either repossessions or sales from those attempting to avoid the repossession process - have not yet appeared in the market place and, while mortgage arrears remain low and the employment situation remains strong, the lack of supply will continue to prevent large declines." |