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House Prices Slow in South-East

LONDON-New research by the Royal Institution of Chartered Surveyors shows that house prices are only crawling upwards, and the slowdown is led by the South-East

By Charlie Jacoby | Updated on February 21, 2003

LONDON-The Royal Institution of Chartered Surveyors housing market survey for England and Wales for three months to January 2003 says that the rise in house prices slowed for the fourth consecutive month in January, confirming suspicions that the house price boom is coming to an end.

The seemingly relentless rise in the housing market faltered as general economic slowdown combined with fears of war to see a small price decline in London and the South East, with prices static across the South West, Midlands and East Anglia. Prices across northern England and Wales continue to increase strongly but, says the RICS, if the slowdown in southern areas continues the North is likely to see values plateau later in the year.

In contrast to the slowdown in price rises, the number of homes being put up for sale jumped sharply in January, far exceeding the usual post Christmas/New Year increase. The RICS believes that this is likely to be the result of homeowners bringing forward their sales plans in order to sell at the top of the market. The RICS Spring residential lettings survey will show whether homeowners in London and the South East have sold and are waiting to profit from buying in a declining market by moving temporarily across to the rented sector.

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