Housing sentiment worst since 1978, say surveyors

Things are looking ever gloomier for those who see the latest stalling in house price acceleration as more a speed bump then a socking great wall being hit by a Great British love affair that’s been drunk at the wheel for years.

According to the latest Royal Institute for Chartered Surveyors (RICS) survey for March:

The balance of Chartered Surveyors reporting house prices falls increased to an historical low in March.

However, a lack of new supply is still preventing significant price falls despite rising stock levels, says RICS.

The RICS house price balance dropped for the eighth month in succession.

78.5% more Chartered Surveyors reported a fall than a rise in house prices, an increase from 65.7% in February.

This figure has exceeded the historical low of June 1990, when 64.5% more Chartered Surveyors reported a fall in house prices and is now the lowest figure since the survey began in 1978.

The regional picture is even more depressed.

In the East Midlands 89% more Chartered Surveyors reported a fall than a rise in house prices and a net 86% reported falls in East Anglia.

Scotland is the only UK region with the net balance of surveyors reporting price rises. That’s devolution for you.