The house price boom has come to an end, according to figures released by the RICS this week.
In the three months to July, the number of surveyors reporting price rises fell to its lowest level since 1998. The balance between surveyors reporting a rise over those who saw a fall was 5%, 25% down on the previous months. The RICS said the figures signalled the end of an 18-month upward trend.
However, the overall figures disguise wide regional variations. In London, house prices declined for the first time since 1998, with a net balance of 14% of chartered surveyors reporting falls. But the north of England is still on an upward trend. Humberside, Yorkshire and the West Midlands also showed rises, whereas East Anglia, the South-east and the North-west all recorded a downturn in the rate of inflation. A spokesperson for the RICS said: “All the signs point to the end of the housing boom and a return to a more stable market in the coming months.”