Housing market stagnant - Rics
The UK housing market remained flat in July, with house prices continuing to fall, new figures have shown.
According to the latest survey from the Royal Institution of Chartered Surveyors (Rics), 22 per cent more chartered surveyors reported that prices dipped rather than rose last month.
This was a slight improvement on June's figure of 26 per cent, but it means the indicator has remained in negative territory for over a year.
New instructions - which saw a modest upturn during the early part of the summer - fell in July, as seven per cent more surveyors reported decreases rather than increases in the number of new houses going up for sale.
Conversely, demand edged up, with new buyer enquiries rising to a net balance of five per cent from zero per cent the previous month.
London was the only region to report a positive net balance for house prices, with 30 per cent more respondents seeing rises rather than falls, while the West Midlands saw the most negative reading, a net balance of -44.
Commenting on the figures, Rics spokesman Ian Perry said: "The UK housing market continued to stall during July; prices edged lower and sales levels remained subdued.
"While the holiday season appears to have had some impact on the market, the continual problem of inaccessible mortgage finance is still preventing first time buyers from accessing the market. Unsurprisingly, with prices continuing to fall, many would-be sellers seem unwilling to lower their expectations and are reluctant to place their property on the market."
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