Prices are dropping - but this might not be a bad thing, according to a new report from surveyors.
The recent housing slowdown might prove beneficial for many - as a general moderation is bringing "realism" to the way in which property is priced.
This is one of the conclusions of new analysis from the Royal Institution of Chartered Surveyors (Rics), which also showed that the average home is continuing to fall in value. There were 84 percent more members who told the body that house prices had declined over the month than said the opposite.
Moreover, Rics also detected significant market slowdown in terms of sales numbers, with an average of just 14.4 per surveyor over the month. This is the lowest rate since the organisation began its survey in 1978.
By way of comparison, 23.9 properties were being sold per month at the beginning of this year. In 2004, with the property market still booming, this figure stood at around 32.
"The lack of mortgage finance has brought the housing market to a virtual standstill with first-time buyers rapidly becoming an endangered species," said Rics spokesman Ian Perry.
Peter Hayward, a Carlisle-based Rics member, added: "Sales are still very scarce. Buyers are confused, but some are having to move forward to take account of life changes. Realism is the key…prices are under pressure where deals can progress."
