House prices will keep falling, say RICS members

House prices are falling at their fastest rate since 2009, according to the latest RICS poll. A net balance of 68% of property professionals in August reported declining house prices, marking the most negative reading since the global financial crisis. New buyer inquiries also fell during the month, with a net balance of 47% of professionals reporting a drop, deteriorating from a balance of 45% in July. An overwhelming majority of those polled – a net 67% – said prices would fall further in the coming few months, with a net 48% expecting prices to be lower in a year’s time than they are now. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews