British house prices continued to fall sharply in November, though at a slightly slower pace, and sales fell to a record low, a survey indicated today.
The Royal Institution of Chartered Surveyors' (RICS) seasonally adjusted house price balance improved to -76.5 in November from -81.0 in the month before.
That was the highest level since February and indicates some easing in the rate of decline but still points to a very depressed housing market.
Completed sales per surveyor fell to 10.6 from 10.9, their lowest level since the series began in 1978. Sales are down 55 per cent on the year as the global credit crunch has all but killed the market.
"The main factor that is depressing prices is the large stock of property on estate agent books relative to the pool of available buyers, rather than in any surge in distressed selling," RICS said.
Stock on surveyors' books fell to 78.3 from 80.5, but this was more because of potential vendors choosing to let their properties given the difficulties of finding a buyer.