House Prices Going Down

House for sale with discountThe Royal Institute of Chartered Surveyors has reported a decrease in house prices in the summer quarter of 2010. House prices have been on the increase since the spring of 2009 partly due to the easing of the recession and the flurry of buyers who came out of hiding as a result.

Now, however, there seem to be more properties for sale than people interested in buying them. It seems that banks are being more cautious these days and more selective regarding first time buyers. Potential first time buyers themselves are being more cautious as the fear of unemployment still looms.

Although nationally the average house price has dropped, the area worst hit is Northern Ireland with a decrease of 8%. London, on the other had, has seen an increase of 15%.

The result is that buyers will be able to negotiate a better deal as there is less up-take in the market and landlords who were considering selling will probably continue to let.

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