House prices fall in August, says RICS
House prices fell in the UK last month for the first time since 2005 as a run of five interest rate rises since August last year kept buyers on the sidelines.
The latest survey from the Royal Institution of Chartered Surveyors showed the number of chartered surveyors reporting a fall in prices in August outnumbered the risers by 1.8%.
That was down from the 10.8% reporting a rise during July and was the first negative balance since October 2005.
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"The market will soften further, going into the autumn, reducing some impetus from those that have been chasing a rapidly moving target," said RICS spokesman Ian Perry.
"HIPS have reduced the number of four bedroom family properties coming onto the market, making family homes even more difficult to purchase."
