Housing slide gives hope to first time buyers

New data from the Royal Institution of Chartered Surveyors (RICS) claims that house prices are falling at their fastest rate since 1978.

For the seventh consecutive month, a majority of surveyors reported that sale prices are falling – and that is being felt in every part of the UK.

The negative trend is also being reported by ever-more surveyors – 64.1 per cent confirming falling prices in February compared to just 54.7 per cent in January.

RICS spokesman Ian Perry warned: “While there is very little new supply coming onto the market, it is unlikely there will be significant price drops in the short term but the build up of unsold stocks will encourage buyers to negotiate lower asking prices.”

Nevertheless, this could be a positive development for first time buyers, who have seen the price of even the most modest home soar far beyond their reach in recent years.

Ulster Bank head of mortgages Derek Wilson told the Belfast Telegraph: “The expectation is that transaction numbers will now increase and that first time buyers will become increasingly active with asking prices considered to be more realistic.”

Tags: the Belfast Telegraph, Derek Wilson, little new supply, housing, property, reach, sale, sale prices