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Widest drop in property values for 12 years

22 December 2004
A new report has found the most widespread falls in property values for 12 years.

48 per cent of chartered surveyors reported lower prices in the three months to November.

The survey by the Royal Institute of Chartered Surveyors also found that the number of sales has dropped by 32 per cent to just 22 per surveyor.

"The slowdown occurring in the market has given buyers more power to negotiate, but this time of year is traditionally a quiet one," RICS housing spokesman Ian Perry said.

"The decision by the Bank of England not to increase interest rates further and the healthy economy is allowing confidence to consolidate."

RCIS also revealed that the amount of unsold properties on surveyors' books increased for the sixth month, reaching an average of 67 properties.

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