PROPERTY MARKET 'FLAT' - RICS

Published 08th Mar 2011

House prices in England and Wales continued to fall in February, although at their slowest pace since July, a second survey said.

The Royal Institution of Chartered Surveyors' seasonally adjusted house price balance rose to -26 from -31, reflecting a 26 percentage point gap between the proportion of surveyors reporting price falls over the past three months and the number seeing price rises. This was marginally higher than economists' forecasts of a reading of -27.

Surveyors reported wide regional differences, with London prices rising for the first time in seven months while Wales experienced widespread price falls.

"Despite the more positive picture for some parts of the UK, the general mood is still a little flat," said RICS spokesman Jeremy Leaf. "Rather ominously, we have probably yet to feel the full impact of the public spending cuts which are likely to lead to further divergence in the regional property market."

Source: ' Reuters '

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