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House Prices in England and Wales Continue to Falter

LONDON-It was gloom, gloom, gloom in the residential property market during the three months to October. And the Royal Institution of Chartered Surveyors says it's going to get worse.

By Charlie Jacoby | Updated on November 20, 2001

LONDON-The housing market in England and Wales continues to slow. The Royal Institution of Chartered Surveyors’ housing survey for the three months to October 2001 reports that the traditionally quiet period in the run up to the festive season looks set to come early this year.

House price inflation fell to its lowest level since January with the difference between chartered surveyors reporting rises and those reporting falls at 24%, down from 39% in September. This is still slightly above the long-term average of 23%.

Enquiries from potential buyers, which had been falling since the summer, stabilised. Completed sales per surveyor rose slightly to 36 from 34 in September, and the number of houses on chartered surveyors’ books fell to 73 from 75 last month.

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