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Financial News: UK House Prices Decline Sharply In December: RICS

UK House Prices Decline Sharply In December: RICS

01/19/2023 - 04:22:00 (RTTNews)

(RTTNews) - UK house prices declined sharply towards the end of the year amid rising interest rates and fears of a recession, data from the Royal Institution of Chartered Surveyors, or RICS, revealed Thursday.

A net 42 percent of surveyors registered a fall in house prices in December. This was weaker than the 26 percent reporting a decline in November. The expected balance was -30 percent.

The institute said the downward price trend is gaining further traction.

The survey suggested weakening to the sales market in December as there was a fall in new buyer inquiries. The number of new property listing also declined.

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