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UK House Prices Slide in September; Surveyors See Recovery Delayed

LONDON-The boom is over. More and more members of the UK property industry's top professional body report that house prices are on their way south. Economic uncertainty is hitting the market hardest in London and the South-East.

By Charlie Jacoby | Updated on October 23, 2001

LONDON-House price rises slowed in September to the lowest level since April, according to the latest housing survey from Royal Institution of Chartered Surveyors. The difference between chartered surveyors reporting price rises and those reporting price falls dropped to 38% in September, from 49% the previous month, reflecting the market slowdown.

At the same time the number of enquiries from prospective buyers fell away sharply in the days following the terrorist attacks on the USA on 11 September. But towards the end of the month chartered surveyors were reporting signs that enquiries were again picking up.

The average number of house sales per surveyor stayed the same as last month, at 34 and did not show any signs of being affected by international events. But the average number of houses remaining on estate agents’ books rose by 4% to 75, the highest level since October last year.

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