Double dipping

14 September 2010 By Neil Collins

A bear market in UK residential property is looming. Onethird of the country’s estate agents say prices are falling, new mortgage advances are depressed, and firsttime buyers cannot find finance. The British faith in houses as a store of wealth is about to be severely tested.

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The balance of British chartered surveyors reporting a fall in prices over those reporting a rise jumped to 32 percent in August. This is the biggest negative reading since May 2009. Prices are slipping in all areas except Scotland. The balance for newly agreed sales fell from +1 to 20, the lowest reading since August 2008.

The Department of Communities and Local Government reported that house prices fell by a seasonallyadjusted 0.3 percent in July. The mixadjusted average house price stood at 212,878 pounds in July.

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