Housing market continues to slide

The housing market continued to slow in November, while house prices slipping even further, it has been suggested.

A report published by the Royal Institute of Chartered Surveyors RICS found that 44 per cent of chartered surveyors reported prices fell rather than rose in November.

Lack of demand from buyers and a decrease in the number of people looking to take up cheap mortgages has somewhat stifled the market.

According to the survey, first-time buyers are currently in short supply as lenders tighten their conditions and demand larger deposits.

RICS spokesperson Ian Perry said: "There was little change in the housing market in November; prices continued to edge lower and sales levels generally remained subdued."

Many experts are also blaming the subdued market on an increase in the amount of houses available and the fears over how the spending cuts will affect Brits.

The Council of Mortgage Lenders CML recently revealed that mortgage lending fell in October.
 

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2010-12-14 13:37:35 © Moneyextra.com