Property prices in the UK are continuing to fall, according to a housing market survey published today (Wednesday, February 13th) by the Royal Institution of Chartered Surveyors (Rics).
The survey indicated that the number of chartered surveyors recording house price falls had increased between December and January, with 54.7 per cent more surveyors reporting a fall than a rise last month.
Scotland was found to be the only part of the UK where prices continued to rise, increasing by four per cent during this period.
According to Jeremy Leaf, a spokesman for Rics, demand for property will remain subdued until mortgage lending criteria is loosened.
He explained: "A lack of demand and confidence in the housing market is clearly behind the recent price slowdown. Tightening mortgage lending criteria is a block to many who are keen to take the housing market plunge.
"However, if mortgage lenders filter the recent interest rate cut into the market, demand should begin to increase. In the near term, the housing market will continue to be shielded from significant price falls while employment conditions are strong."
