Login to UKBP
Commercial Property News
Rics: Residential property prices have dropped
Residential property investors may be interested in the latest UK Housing Market survey published by the Royal Institution of Chartered Surveyors (Rics).
It revealed a drop in house prices, which is the first time this has occurred since July last year.
The results may well be good news for those looking to spend money on a residential property.
Rics spokesman Ian Perry said the fall could be due to an increase in supply as the government scrapped the home information packs (Hips) scheme.
Under Hips legislation, those selling their properties had to ensure a number of checks were carried out and provide information about the building to potential buyers, which may have been costly for some.
"Significantly, the forward-looking price expectations numbers suggest that this softer trend will continue through the second half of the year," Mr Perry suggested.
But estate agents remain optimistic because the "more realistic pricing of properties" may benefit sales, he added.
Posted by Suzannah Taylor
It revealed a drop in house prices, which is the first time this has occurred since July last year.
The results may well be good news for those looking to spend money on a residential property.
Rics spokesman Ian Perry said the fall could be due to an increase in supply as the government scrapped the home information packs (Hips) scheme.
Under Hips legislation, those selling their properties had to ensure a number of checks were carried out and provide information about the building to potential buyers, which may have been costly for some.
"Significantly, the forward-looking price expectations numbers suggest that this softer trend will continue through the second half of the year," Mr Perry suggested.
But estate agents remain optimistic because the "more realistic pricing of properties" may benefit sales, he added.
Posted by Suzannah Taylor
Tue, 10th Aug 2010