(RTTNews) - British house prices are likely to fall by around 2% next year, the Royal Institution of Chartered Surveyors said Wednesday.However, the decrease in supply to the market is set to prevent the decline amounting to more than 5% next year. The RICS forecasts the number of housing transactions in 2011 at around 900,000.
The RICS house price balance remained negative in November with respondents reporting decline in house prices outweighed those saying increases by 44%.
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UK House Prices Likely To Fall 2% In 2011: RICS
(RTTNews) - British house prices are likely to fall by around 2% next year, the Royal Institution of Chartered Surveyors said Wednesday.
However, the decrease in supply to the market is set to prevent the decline amounting to more than 5% next year. The RICS forecasts the number of housing transactions in 2011 at around 900,000.
The RICS house price balance remained negative in November with respondents reporting decline in house prices outweighed those saying increases by 44%.
Earlier this month, property website Rightmove said sellers will continue to drop their asking prices in 2011 with national average expected to decline by up to 5%.
Today's report showed that government's spending cuts posed a risk, which would increase unemployment and ultimately reduce demand for properties.
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