That stock News

The number of people looking to buy a house fell for the fifth month in a row in October as the housing market activity has continued to slow.?Photo: PETER MACDIARMID

The price index at the Royal Institution of Chartered Surveyors House showed a balance of Surveyors saying 49pc prices fell, compared to 36pc in the months preceding and the highest level since April 2009.

The number of people looking to buy a house fell for the fifth month in a row in October as the housing market activity has continued to slow.

There is also a decrease in the number of vendors coming on the market for the first time since January, when extreme weather conditions winter, causing people to put their plans hold.

"With the supply and demand decrease, transaction activity is defined on remain relatively flat levels in the foreseeable future,", said spokesman RICS Jeremy Leaf.

RICS said those who want to press ahead with a transaction not continue fighting trigger the mortgage they need.

British House prices dropped from 20pc between late 2007 and early 2009, to recover approximately half of their losses in the following 12 months.

Since earlier this summer has been renewed weakness, with mortgage approvals and confidence of consumers both in decline in advance of government spending painful cuts which will seriously begin next year.

A balance between the surveyors 4pc said they saw a reduction of new instructions to the month, compared with 22pc reported an increase in September.

Brain Jackson, Ellis & sounds, Southport, Merseyside, said: "a doom feeling prevail on the market [during this] was once a charge period.?

Jonathan Clayton, Bentley Higgs & co, Blackpool, Lancashire, said: "this is probably the most quiet market, we have seen in the past 20 ans.Les perspectives are dark, and there is a lack of confidence in the .the housing market ' lack of mortgages available is a major factor contributing.?

Entry fall in their homes on the market should support some prices for the future and prevent a steep slide in property values.

Despite this, surveyors remain pessimistic about the prospect for the price of real estate, with a balance of 42pc await further falls.

Surveyors in all areas of the United Kingdom reported house price falls in October, with Scotland see them for the first time in 15 months.

Surveyors reporting price falls balance is higher in the East Midlands to 64pc, while the Northwest saw the greatest increase in surveyors, registering a decrease in price.

View the original article here