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Housing Market Gets the Jitters

LONDON-The prospect of imminent war and continued economic uncertainty led to the first fall in house prices in England and Wales for over two years during February 2003, according to the RICS.

By Graham Parker | Updated on March 21, 2003

LONDON-Economic uncertainty and fears over the war have caused UK house prices to fall for the first time in two years, according to the latest RICS housing market survey covering the year to end February 2003. So far, the price falls have been relatively modest, but are still the largest recorded drop in eight years.

Hardest hit was London, where prices fell at the fastest pace in nearly a decade. The Southeast similarly saw slides in home prices. But the ripple effect has yet to reach northern regions, Wales, and the East Midlands, which all recorded firm price increases.

RICS members reported that an increasing number of potential homebuyers have decided to take a wait-and-see approach for the time being. However, conditions remain ripe for some rebound in the market, with interest rates and unemployment remaining low.

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