RICS: House prices continue to decline

Posted 08/08/2011

Receiving the expert advice of a conveyancing solicitor may be essential for anyone considering the possibility of selling their home in the near future.

This is because the latest Royal Institution of Chartered Surveyors (RICS) UK Housing Market survey published today (August 9th) has shown that the price of residential properties across the UK fell further throughout last month.

The study revealed that in excess of a fifth – 22 per cent – more chartered surveyors indicated that costs dipped as opposed to rising in July 2011, a figure that extends this statistic’s run of being in negative territory to more than a year.

Meanwhile, London remains the one region of Britain that is consistently witnessing the price of housing go up.

Ian Perry, spokesman for RICS, observed: “While the holiday season appears to have had some impact on the market, the continual problem of inaccessible mortgage finance is still preventing first time buyers from accessing the market.”

Recently, Halifax’s July House Price Index stated there was an annual decline of 2.6 per cent in property costs last month.

If you need help with residential conveyancing, the team at Ashtons Legal can offer professional advice.