While sales and new buyers have appeared to stabilise in April, after seeing declines in previous months, the London price balance slipped to -65 per cent in the latest results, the lowest reading since February 2009. Falling prices were still also being reported in the South East in April, and also in the South West for the first time since May 2013. By way of contrast, house prices continue to rise in Northern Ireland and Scotland.
Further out, prices are predicted to continue to decline over the year ahead in London with 20 per cent more respondents expecting prices to decrease in a year’s time.
As prices decline further, new instructions have observed the second consecutive month of rises, with 11 per cent more respondents noting an increase (rather than decrease) of properties coming on to the market.