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Mortgages -
Rics releases new home price balance - 13/02/2008
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House prices continue to fall in the UK, the Royal Institute of Chartered Surveyors (Rics) said today.
The balance between property price rises and falls dropped for the six month in a row, with 54.7 per cent of surveyors reporting drops across January.
Mortgage firms are also causing a decline in buyer enquires by tightening their criteria and putting off first-time buyers, Rics said.
Over one-third (35 per cent) of surveyors reported a fall in enquiries rather than a rise - up from 25 per cent in December, signifying a cooling market.
However, the institute expressed hope that the housing sector would pick up with further interest rate cuts from the Bank of England.
Commenting on the figures, Rics spokesman Jeremy Leaf said: "Tightening mortgage lending criteria is a block to many who are keen to take the housing market plunge - agents are finding it difficult to market properties to an audience which has decided to watch the current economic theatre from the wings."
He added: "However, if mortgage lenders filter the recent interest rate cuts into the market, demand should begin to increase."
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