House prices plummet

Two new surveys have suggested that house prices are on the slide in the UK.

Figures from the latest survey from the Royal Institution of Chartered Surveyors (Rics) show that the number of surveyors stating that house prices fell in March exceeds the numbers who reported a rise by over 75 per cent, the highest figure since 1978.

Only in Scotland was there a positive picture, but even there the number of new buyer enquiries was down.

In addition to this, figures for house prices in February from the Department for Communities and Local Government showed a 1.6 per cent drop in prices in February.

Either figure would suggest that a house bought now could potentially face negative equity.

Rics spokesman Jeremy Leaf did comment that the fall in prices could create some bargain opportunities for those who could raise large deposits.

However, many may struggle to find the funds to do this.

An alternative strategy for would-be homeowners would be the self build option, which could bypass the housing market altogether.


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