House prices in the UK are likely to fall over the coming months due to widespread economic uncertainty and increased property sales, surveyors have reported.
In its latest Housing Market Survey, the Royal Institution of Chartered Surveyors (RICS) said that enquiries from new buyers have fallen this month for only the second time since October 2008.
But at the same time, the number of homes put up for sale rose to its highest level for three years, due partly to the abolition of the controversial Home Information Packs (Hips).
RICS said that last month, only 10 per cent more chartered surveyors reported a rise, rather than a fall, in house prices – down from 22 per cent more the previous month.
Four per cent more of its members also expect prices to fall than rise, compared to May when 4 per cent more surveyors predicted positive price rises.
RICS spokesman Jeremy Lead said: "A shortage of stock has been one factor holding back transaction activity in the housing market but the abolition of HIPS is helping to belatedly address this issue. This is likely to be reflected in higher sales numbers over the coming months."
"However, with supply of property now beginning to outstrip demand there is a risk of some modest slippage in prices during the second half of the year."
A separate forecast by accountancy firm PricewaterhouseCoopers has suggested that house prices will not reach peak market levels seen in 2007 for a further decade.
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