MNI: UK House Prices Flatten; Aug-Oct Price Balance 1%: RICS

By David Robinson

     UK house prices rises flattened out in the three months through October, a

survey by the Royal Institution of Chartered Surveyors Thursday showed.

     A net 1% of surveyors reported a price rise in the three months through

October, down from a net 6% in the three months through September. Demand

atrophied in October, with a net 20% of respondents reporting a fall in new

buyer enquiries over the month.

     The RICS survey adds to the evidence of a cooling housing market, with

weakening demand meeting thinning supply. A net 20% of respondents reported a

fall in agreed sales.

     RICS said its price data were "consistent with a flat price trend on a UK

wide basis, although there remains significant differences between regions."

     Looking forward, property surveyors expected national sales expectations to

flat-line over the next three months, with the twelve month sales forecast just

edging into negative territory.

     The RICS survey covers the balance of surveyors across the country

reporting price and demand and supply rises or falls, giving the dispersion

rather than the magnitude of the moves.

--MNI London Bureau; tel: +44 203-586-2223; email: david.robinson@marketnews.com

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