House prices slipped further in November, according to the latest house market survey from the Royal Institution of Chartered Surveyors.
According to the survey, 44 per cent more chartered surveyors reported prices fell rather than rose in November.
RICS says a lack of demand from buyers continues to stifle the market, with new buyer enquiries falling for the sixth consecutive month. It also says first-time buyers are in particularly short supply, due to the difficulty in raising enough money for a deposit.
New instructions have now dipped for two months in succession. Surveyors report many would-be sellers have decided to wait until the new year to put their property on the market.
The survey shows that properties are staying on surveyors’ books for longer in November, with the average number of stocks rising to 69.5 from 67.2 in October.
Surveyors expectation over the next three months look negative, with a net balance of -41 per cent expecting prices to fall. However, sales expectations are more upbeat, with 6 per cent more predicting sales to increase rather than decrease over the next three months.
RICS spokesman Ian Perry says: “There was little change in the housing market in November; prices continued to edge lower and sales levels generally remained subdued.
“Despite some better economic data, fears over how future spending cuts will impact on the jobs market are clearly still weighing heavily on potential purchasers’ minds, with many deciding to ‘wait and see’ until the new year. Meanwhile, the lack of mortgage finance continues to deter first time buyers.”