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Price-fall fears after RICS September report

24th October 2011

RICS says there was a five per cent increase in surveyors reporting a fall in new instructions in September. Newly-agreed property sales in September also saw the first decline since January.

RICS spokesperson Michael Newey said, “Falling supply of fresh stock is indicative of general fears overhanging the economy, with many potential sellers preferring to stay put for now.”

Further, reports that 23 per cent more surveyors saw house prices falling in September than in August led RICS to say that the UK house sales market is remaining “pretty flat” and “generally subdued.

However, residential conveyancing activity has not abated in London as surveyors from the capital continued to report increasing house prices.

Mr Newey cited quantitative easing and low interest rates as factors which could limit repossessions in the near future, but added that it is “hard to see what will give the market a lift in the near term”.

It is hoped that property conveyancing solicitors in Chichester will not be as adversely affected as other regions by the deepening dip in the economy, as 63 per cent more surveyors in the East Midlands reported falling house prices in September than in August.

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