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Region has worst fall in house prices.

Almost two-thirds of surveyors in the West Midlands reported price drops in May - more than any other region.

A balance of 64 per cent of those surveyed by the Royal Institution of Chartered Surveyors (RICS) in the region reported a decline.

House prices look set to continue falling as the hoped-for spring bounce in the property market failed to materialise, according to researchers.

London was the only region in which surveyors reported price rises during the month as property values continued to fall across the rest of the country.

The extended bank holiday weekends in April and early May hit activity levels, while concerns about the economy and the ongoing problems in the mortgage market also affected the number of people looking to move home, according to the RICS.

The average number of properties sold per estate agent branch fell to its lowest level since the start of the year at just 14.7. But the number of people putting their homes up for sale continued to rise, with a balance of 15 per cent of surveyors reporting an increase in instructions.

The mis-match between supply and demand put further downward pressure on prices, with a balance of 28 per cent of surveyors reporting further falls, the highest level since the beginning of the year.
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Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Jun 16, 2011
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