UK property prices fall in November

UK house prices dropped again in November, as interest from buyers declined in the month, new figures show.

The latest report from the Royal Institution of Chartered Surveyors (Rics) found that 44% more of its members reported property price falls than gains in the month.

Findings revealed that the number of transactions per surveyor fell to 14.8 in the month - the lowest figure since June 2009.

According to Rics, new buyer inquiries plunged at a faster rate in November compared with the pace in October.

However, the overall prices survey marked a slight improvement on October's poll, with 43% of those surveyed saying they recorded broadly stable prices over the past three months.

Regionally, the West Midlands and Northern Ireland registered the most negative readings for house prices, with 67% more surveyors reporting falls than rises in both of the areas.

The South West was the only region to report a positive net balance for newly agreed sales.

Rics said property prices are falling due to a lack of demand, as acquiring mortgage finance continues to pose an obstacle for many, particularly first-time buyers.

It also said the surge in properties coming on to the market was now fading as would-be sellers decide to hold off until the new year.

The Rics survey is the longest running monthly survey of house prices in the UK, having first started collecting data in January 1978.

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