House prices expected to fall in three months
The primary target of every budding professional among others would be to buy a new house. With real estate prices skyrocketing, they are having to plan extensively and allot resources to this plan to realize their dream of buying a house of their own.
Experts who have a close watch on the real estate market of England say that the house prices are likely to fall in another three months, which comes as a good news to those who are looking to buy a house and spells doom to those involved in real estate business.
It is the first time in two years that such a prediction is made, says the Royal Institution of Chartered Sureyors.
Potential buyers are waiting for the prices to flatten out so they can make a move when it is best to buy a property. The body said that buyers are put off by the statements communicated by the Bank of England and the lending rules made stricter in April.
About 53 percent of surveyors report a price increase in the second quarter and during the month of May, almost 56 percent of surveyors began observing a fall in the price. However, 31 percent of surveyors dealing with properties in London reported that the prices are rising, regardless of the price fall in the rest of the areas of the country.
RICS said that the growth in demand for housing properties from buyers has fallen as early as 2013 due to several reasons. And, for the first time in six months, there has been an increase in the number of properties put up for sale. RICS said that it is also able to observe that the supply and demand are balancing out which is good for maintaining an upward pressure when it comes to prices of properties.