UK housing market measure worst since 1990
Wednesday, 12 March 2008
LONDON, March 11 (Reuters): British surveyors are recording falling housing prices by the worst margin since the market crashed in 1990, the Royal Institute of Chartered Surveyors said today.
During the past three months, only four per cent of surveyors reported prices rising, while 57 per cent said they were falling, a net balance of minus 53 per cent.
When adjusted for seasonal factors, the net balance was minus 64.1 per cent, the worst figure for the housing market that the RICS survey has recorded since June 1990 when house prices began a half-decade slump. January's figure was -54.8 per cent.
Stocks of unsold property are piling up on surveyors' books at the fastest rate in nearly 20 years, suggesting prices have further to fall.
Surveyors said they each had an average of 92 homes on their books-the highest level since October 1998 -- while recording an average of only 24.4 sales during the three month period on a seasonally adjusted basis.
Stocks of unsold property jumped by more than 8.5 per cent, the fifth consecutive monthly increase of more than 8 per cent.
The stock of unsold homes has now risen by 48.6 per cent over the past 12 months, the steepest rise in unsold property since 1989.
During the past three months, only four per cent of surveyors reported prices rising, while 57 per cent said they were falling, a net balance of minus 53 per cent.
When adjusted for seasonal factors, the net balance was minus 64.1 per cent, the worst figure for the housing market that the RICS survey has recorded since June 1990 when house prices began a half-decade slump. January's figure was -54.8 per cent.
Stocks of unsold property are piling up on surveyors' books at the fastest rate in nearly 20 years, suggesting prices have further to fall.
Surveyors said they each had an average of 92 homes on their books-the highest level since October 1998 -- while recording an average of only 24.4 sales during the three month period on a seasonally adjusted basis.
Stocks of unsold property jumped by more than 8.5 per cent, the fifth consecutive monthly increase of more than 8 per cent.
The stock of unsold homes has now risen by 48.6 per cent over the past 12 months, the steepest rise in unsold property since 1989.