House prices decreased in August for the first time since October 2005, so says the Royal Institution of Chartered Surveyors (Rics).
Rics' UK housing market survey states that "house price growth turned marginally negative" last month with 2% more chartered surveyors reporting a decline in house prices.
This compares with 11% reporting an increase in July.
Price decreases were highest in the North West, West Midlands and East Anglia. London had highest price rises in England.
Flats and bungalows had the greatest price decreases.
Would be house buyers have become more cautious as they anticipate the effect interest rate rises are going to have on household finances .
Affordability is more stretched than it has been in a decade, with many worrying that increasing mortgage repayments are too far gone. The property market is likely to soften in the autumn.
The research also highlights a decrease in new buyer enquires for the ninth consecutive month, the fastest rate since August, with new instructions to sell decreasing for the third consecutive month.
Completed property sales and newly agreed sales also declined.
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House Prices Decline
Thu, 13 Sep 2007
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