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Prices fall as homes for sale increase
Figures released from The Royal Institution of Chartered Surveyors (Rics), show that the value of properties have fallen again, 49.1% of chartered surveyors reported falls compared to rises which is the lowest since November 1992.
The demand for properties remains subdued as 25% more surveyors reprted a fall in the number of house hunters compared with those who reported an increase. One of the main reasons why the number of buyers decreased was felt to be due to mortgage lenders tightening their borrowing criteria. Rics spokesman Ian Perry said "The housing market is clearly feeling the pinch from the credit crunch and the round of interest rate hikes in 2007". He added that the following months would be of "great importance" to the market as potential buyers would be looking to the Bank of England to reduce interest rates further.
Overall, 4% more surveyors said they had seen a rise in the number of homes being put on the market compared with those who had seen a fall, up from a balance of minus seven in November. It said that the combination of weakening demand among potential buyers and greater supply was driving the price fall.
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