The RICS (Royal Institute of Chartered Surveyors) has issued a warning that the UK housing market will not be recovering in the coming months.
The RICS has warned that home owners selling their homes in the UK are still asking for too much and that potential home owners cannot raise a mortgage meaning sales levels are expected to stay the same for the next three months showing there is no recovery in sight for the UK housing market.
RICS reports house prices fell in December
Throughout the country, house prices fell in December except in London. Ian Perry, RICS spokesman had this to say on the issue of falling house prices "Continuing problems with the economy and the ongoing instability in the eurozone seem to be weighing heavily on the UK housing market and expectations for the coming months are fairly subdued."
Mr Perry went on to state that home owners should be realistic in their pricing if they wish to sell their homes in good time, as price expectations remain low compounded by the fall in December.
Bank of England warning on housing market
Records from 2011, show that it could be the year in which the lowest level of homes were sold in the UK housing market since modern records were introduced in 1978. The Bank of England has warned potential home owners that mortgage providers are likely to ration and restrict their lending, leading to even fewer houses being sold.
A recent Bank of England survey stated that mortgage providers were concerned over the state of the economy and by the fall in house prices reducing security on the mortgages or loans they had provided.
The Rotter aka Les Meikle of Wise Property Care commented: "House prices in the UK have suffered a steady fall for the last few years, and with the bad weather also causing damage to houses it has been a tough time for home owners who are trying to sell up."
RICS 2012 housing market prediction
The RICS prediction for the UK housing market in 2012 is that house prices across the UK will continue to fall throughout the year, perhaps at as much as a 10% drop.
Additional stories regarding the housing market
For more news and information regarding the housing market, visit the links below