The RICS House Price Balance for October continues to show a negative net price balance.
Over the last 3 months 24% more surveyors have see falling rather than rising prices. However more than half of these surveyors indicated seeing broadly stable prices.
Activity figures on the other hand were firmer. New buyer enquires balance was up fro +4 to +7 – i.e. 7% more surveyors reported an increase in enquires that saw a fall.
The net balance for fresh supply of properties on the market was also in positive territory at +3.
This was carried through into newly agreed sales with a positive balance of +8…this is actually the best reading since April 2010.
On the flip side however the average amount of stock on surveyor’s books did increase by 2.7% to 70.9.
Regional difference continues
The regional difference between London and the rest of the UK continued, with only London recording a rising prices with a net balance of +33.
The worst performing area was the West Midlands with -74, closely followed by Wales at -68.