Rics: Property market likely to be flat in 2011
The latest survey from the Royal Institute of Chartered Surveyors (RICS) shows that the housing market is stagnant in all areas except London.
The survey reveals that the number of surveyors who have reported that prices have lowered was greater than the number who reported rising house prices.
Rics said that the outlook for the housing market in 2011 is that it remains flat, although the headline net price balance has improved for four months in a row and stands at its best level since July 2010.
RICS housing spokesman Jeremy Leaf said: "Despite the more positive picture for some parts of the UK, the general mood is still a little flat.
"Broad trends in the survey indicate an increasing variation in the housing market across the UK, with London - and to a lesser extent the South East - operating in a very different orbit."
The survey represented a small sample size as just 255 surveyors responded but this source for information on house prices is usually accurate.
The results provide a worrying outlook because Rics believe that further reduced demand and regional differences will increase as the impact of the public spending cuts takes effect.
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